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Which the percentage of completion of a construction is

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Reference no: EM132844219

Problem 1: The percentage of completion of a construction is based on all of the following, except

a. Progress payments and advances received from customers

b. Completion of physical proportion of the contract work

c. Survey of work performed

d. The proportion that contract costs incurred for work performed to date bear to the estimated total contract costs

Problem 2: Which statement is true when the outcome of construction contract cannot be estimated reliably?

a. An expected loss on the construction contract shall be recognized as an expense immediately.

b. Contract costs shall be recognized as an expense in the period when incurred.

c. All of these statements are true.

d. Revenue shall be recognized only to the extent of contract costs incurred that is probable will be recoverable

Reference no: EM132844219

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