Question

Assignment TIMER RCES Question 4 In selecting an accounting method for a newly contracted long-term construction project, the principal factor to be considered should be the terms of payment in the contract. O the degree to which a reliable estimate of the costs to complete and extent of progress toward completion is practicable. the method commonly used by the contractor to account for other long-term construction contracts. O the inherent nature of the contractor's technical facilities used in construction. Question A Study

Answer 1

4.

The principal factor to be considered should be the degree to which a reliable estimate of the costs to complete and extent of progress toward completion is practicable.

5.

$300 is the allocated to the product from the sale of $450 to the fair value of $350 and $150

6.

when the company does not have an alternate to use for the asset created or enhanced then the company does not recognise revenue over a period in time.