Question
Under the percentage of completion method, $400 of profit has been recognized in prior years on a project with a contract price of $5,000. Data
Under the percentage of completion method, $400 of profit has been recognized in prior years on a project with a contract price of $5,000. Data available as follow:
Total cost incurred till date = $3,000
Estimated costs remaining at end of current year = $2,500
What profit or loss is recognized in the current year?
Multiple Choice
$900 loss
$400 loss
$500 loss
no profit or loss
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The Clinical Audit Book Improving The Quality Of Health Care
Authors: Clare Mayo, Gill Harvey
1st Edition
070202418X, 978-0702024184
