1 of 141
Term Definition
ASC 606 refers to the accounting standard
"Revenue from Contracts with
Customers" which outlines the
rules for recognizing revenue
on customer contracts
Give this one a try later!
True False
2 of 141
Definition Term
80% and 4 fewer dwelling units a loss or claim under a surety
Contracts with 80% or more of bond is generally triggered by....
the estimated total contract
,costs expected to be attributed - Property damage
to a home construction contract - Losses that are expressly
are exempt from 460. These insured by the policy
projects must be related to the - A default of the contract
construction of dwelling units - Personal injury
containing four or fewer units.
Give this one a try later!
True False
Correct definition
A home construction contract is one that _____ % or more of
the contract is for the construction of _____ fewer dweling
units. 29.02
3 of 141
Term Definition
Methods of measuring the
Cost-to-Cost Method, Efforts
extent of progress toward
Method, Output Method
completion selected for
percentage of completion
include:
- Cost-to-Cost Method, Efforts
Expended Method, Incomplete
Work Method
- Cost-to-Cost Method, Efforts
Method, Output Method
,- Incomplete Work Method,
Efforts Expended Method, Units
of Work Performed Method
- Cost-to-Cost Method,
Incomplete Work Method, Units
of Work Performed Method
Give this one a try later!
True False
4 of 141
Definition Term
Terms of the contract, variable Which of the following is a
consideration, the existence of a contract-related liability? 3.13
significant financing page 37
component, non-cash
consideration, and
consideration payable to the
customer
Give this one a try later!
True False
Correct definition
The CFM should consider _____________ when determining the
transactions price.
, 5 of 141
Term Definition
Which of the following Working capital
examples is NOT an external
limitation when putting together
the firm's annual operating
budget?
- Market forecasts
- Competitors entering or
leaving the market
- Availability of qualified labor
supply
- Working capital
Give this one a try later!
True False
6 of 141
Term Definition
an unbalanced item results from Percentage of completion
the conversion of the
contractor's day-to-day
accounting records, which
reflect actual billings and cost
incurred with what income
recognition method?
Term Definition
ASC 606 refers to the accounting standard
"Revenue from Contracts with
Customers" which outlines the
rules for recognizing revenue
on customer contracts
Give this one a try later!
True False
2 of 141
Definition Term
80% and 4 fewer dwelling units a loss or claim under a surety
Contracts with 80% or more of bond is generally triggered by....
the estimated total contract
,costs expected to be attributed - Property damage
to a home construction contract - Losses that are expressly
are exempt from 460. These insured by the policy
projects must be related to the - A default of the contract
construction of dwelling units - Personal injury
containing four or fewer units.
Give this one a try later!
True False
Correct definition
A home construction contract is one that _____ % or more of
the contract is for the construction of _____ fewer dweling
units. 29.02
3 of 141
Term Definition
Methods of measuring the
Cost-to-Cost Method, Efforts
extent of progress toward
Method, Output Method
completion selected for
percentage of completion
include:
- Cost-to-Cost Method, Efforts
Expended Method, Incomplete
Work Method
- Cost-to-Cost Method, Efforts
Method, Output Method
,- Incomplete Work Method,
Efforts Expended Method, Units
of Work Performed Method
- Cost-to-Cost Method,
Incomplete Work Method, Units
of Work Performed Method
Give this one a try later!
True False
4 of 141
Definition Term
Terms of the contract, variable Which of the following is a
consideration, the existence of a contract-related liability? 3.13
significant financing page 37
component, non-cash
consideration, and
consideration payable to the
customer
Give this one a try later!
True False
Correct definition
The CFM should consider _____________ when determining the
transactions price.
, 5 of 141
Term Definition
Which of the following Working capital
examples is NOT an external
limitation when putting together
the firm's annual operating
budget?
- Market forecasts
- Competitors entering or
leaving the market
- Availability of qualified labor
supply
- Working capital
Give this one a try later!
True False
6 of 141
Term Definition
an unbalanced item results from Percentage of completion
the conversion of the
contractor's day-to-day
accounting records, which
reflect actual billings and cost
incurred with what income
recognition method?
