ACC 305 Week 2 Quiz

 

 

1. Question : Indiana Co. began a construction project in 2006 that will provide it $150

million when it is completed in 2008. During 2006, Indiana incurred $36 million

of costs and estimates an additional $84 million of costs to complete the

project.

Suppose that, in 2007, Indiana incurred costs of $63.75 million and estimated

an additional $42.75 million in costs to complete the project. Using the

 

 

2. Question : Indiana Co. began a construction project in 2006 that will provide it $150

million when it is completed in 2008. During 2006, Indiana incurred $36 million

of costs and estimates an additional $84 million of costs to complete the

project.

In 2007, Indiana incurred costs of $58.5 million and estimated an additional

$40.5 million in costs to complete the project. Using the percentageofcompletion

method, Indiana:

 

3. Question : Which of the following is not true about EPS?

 

4. Question : Indiana Co. began a construction project in 2006 that will provide it $150

million when it is completed in 2008. During 2006, Indiana incurred $36 million

of costs and estimates an additional $84 million of costs to complete the

project.

 

5. Question : An extraordinary event for financial reporting purposes is both:

 

 

6. Question : The financial statement presentation of a change in depreciation methods is

most similar to that of reporting:

 

7. Question : A change in depreciation methods is accounted for:

 

8. Question : Cash flows from investing does not include cash flows from:

 

9. Question : Using the completed contract method of accounting for longterm

contracts:

 

10. Question : Merchandise sold FOB destination indicates that:

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