The completed-contract method for recognising profit on a construction contract will usually,during the life of a particular contract:
A) shows a higher amount in some years and a lower amount in other years for the asset 'construction-in-progress' than will the percentage-of-completion method
B) shows the same amount for the asset 'construction-in-progress' than will the percentage-of-completion method
C) shows a higher amount for the asset 'construction-in-progress' than will the percentage-of-completion method
D) shows a lower amount for the asset 'construction-in-progress' than will the percentage-of-completion method
Correct Answer:
Verified
Q1: Sustainability Ltd is a property development company.It
Q2: During the year ended 30 June
Q3: Under Australian Accounting Standard AASB 123 'Borrowing
Q5: The 'area' method of allocating the costs
Q6: The percentage-of-completion method for recognising profit on
Q7: Where possible when allocating the costs carried
Q8: Using the percentage-of-completion method for recognising profit
Q9: A property developer constructing a project for
Q10: Real estate assets owned by a business
Q11: In what circumstances should borrowing costs incurred
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents