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Contents
Flashcard status
Presentation
Question
Answer
Tags
#cfa-level-1 #reading-25-understanding-income-statement #revenue-recognition
Question
What is the accounting treatment of a long-term contract under the
completed contract method
if they spend 3 million?
Answer
The $3 million expenditure would be reported as an increase in the inventory account “construction in progress” and a decrease in cash.
Tags
#cfa-level-1 #reading-25-understanding-income-statement #revenue-recognition
Question
What is the accounting treatment of a long-term contract under the
completed contract method
if they spend 3 million?
Answer
?
Tags
#cfa-level-1 #reading-25-understanding-income-statement #revenue-recognition
Question
What is the accounting treatment of a long-term contract under the
completed contract method
if they spend 3 million?
Answer
The $3 million expenditure would be reported as an increase in the inventory account “construction in progress” and a decrease in cash.
Summary
status
not learned
measured difficulty
37% [default]
last interval [days]
repetition number in this series
0
memorised on
scheduled repetition
scheduled repetition interval
last repetition or drill
Details
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