Senior Accrual Basis

Test your Senior-level Accrual Basis skills in Accounting Principles Standards. This timed assessment evaluates your expertise in Accounting.

Duration: 5 minutes

•40 questions

Time Remaining: 05:00

Progress: 0%

40 questions remaining

Question 1 of 40Assessment

A construction company uses the percentage-of-completion method for a 5-year project. What is the primary basis for revenue recognition each period?

A. The proportion of total estimated costs incurred to date.

B. The amount of cash collected from the customer during the period.

C. One-fifth of the total contract price each year (straight-line method).

D. The fair value of the construction-in-progress asset at year-end.

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