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What do call the granting of the exclusive right to another

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Reference no: EM132942812

Problem 1: If the Construction in Progress account is greater than the Contract Billings, what should be the treatment for the excess?

Option 1: loss
Option 2: income
Option 3: current liability
Option 4: current asset

Problem 2: What do you call the granting of the exclusive right or privilege to another party for the performance of certain functions by the grantor or use of certain products and services?

Option 1: patent
Option 2: copyright
Option 3: goodwill
Option 4: franchise

Problem 3: How is a deposit received reported?

Option 1: investment
Option 2: liability
Option 3: current asset
Option 4: revenue

Reference no: EM132942812

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