In 1981 the AICPA issued a new Audit and Accounting Guide, "Construction Contractors". Simultaneously, the AICPA issued a statement of Position 81-1 now known as:

In 1981 the AICPA issued a new Audit ________

Income Recognition - Chapter 4 &quot;The Book&quot; Study Questions

In 1981 the AICPA issued a new Audit and Accounting Guide, &quot;Construction Contractors&quot;. Simultaneously, the AICPA issued a statement of Position 81-1 now known as:

Of the two GAAP acceptable methods for income recognition, which one is more preferred?

Which one of the following is an Acceptable income recognition methods in accordance with GAAP

Which income recognition method is considered the Percentage of Completion method?

Revenue, costs and gross profit are recognized in all accounting periods throughout the duration of the contract

These methods are only acceptable for financial reporting in conformity with GAAP and not for revenue recognition

Cash basis, Accrual (billing), Hybrid Basis

Revenue, costs and gross profits, when not recognized until the contract has been substantially completed and accepted is considered which income recognition method?

Completed contract method when contract is substantially completed and accepted

To use the percentage of completion method, a contractor must be able to provide:

reasonably dependable estimates of revenue, costs and progress toward completion

Accepted Methods of measuring the extent of progress toward completion for percentage of completion

Cost to Cost method, Efforts expended method, Units of work performed method

Accepted method of income recognition GAAP

Normally, the completed contract method is only used when_______________ associated with the contract preclude the contractor&#039;s ability to reasonably estimate contract revenues, costs or gross profit.

Income Recognition - Chapter 4 "The Book" Study Questions

Study with Quizlet and memorize flashcards containing terms like ASC 605-35, Percentage of completion method, Completed Contract Method and more.

Income Recognition - Chapter 4 "The Book" Study Questions Flashcards

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