Inventory becomes job cost to be added to job cost ledger

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Reference no: EM131222607

1. The purchasing of inventory becomes a job cost to be added to the job cost ledger as soon as it is purchased. true false

2. If the profits are uniformly distributed over the project, an under-billing is where the company's costs and profits exceed the billings to the client. Under-billings are recognized as an asset on the balance sheet. true false

3. Which of the following are an example of committed costs? (Mark all that apply)

Signed Time & Material (T&M) subcontract or

None of the Above or

Signed PO per unit or

Signed Fixed Price PO or

Signed Lump Sum Change Order or

Signed Lump-Sum (Fixed Price) subcontract or

Reference no: EM131222607

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