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A company used the percentage-of-completion method of accounting for
a four-year construction contract. Which of the following items would
be used to calculate the income recognized in the second year?
Question 13
During 2004, Mitchell Corp. started a construction job with a total
contract price of $600,000. The job was completed on December 15,
2005. Additional data are as follows: Under the completed contract
method, what amount should Mitchell recognize as gross profit for 2005?
Question 14
Which of the following would be reported as program revenues on a
local government's government-wide statement of activities?
Question 15
Alinas County manages an endowment of $500,000, the earnings from
which are required to be used to maintain the walking trails in the county
parks. During the year, the endowment received $20,000 in investment
earnings, $3,000 of which was related to earnings from the previous year
which were not received 80 days after the fiscal year end. At the end of
the year, the market value of the endowment was $510,000. In its fund-
based financial statements, how much should the County recognize in
conjunction with this endowment?
Question 16
A state or local government should not have multiple funds in which of
the following fund categories?
Question 17
The governmental fund measurement focus is on the determination of