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Construction accounting Chapter 1-3 (First Test) Questions With Correct Answers

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Construction accounting Chapter 1-3 (First Test) Questions With Correct Answers

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Construction accounting Chapter 1-3 (First
Test) Questions With Correct Answers

Purpose /of /accounting /system /- /correct /answer(s) /✔✔ /Proc



GAAP /- /correct /answer(s) /✔✔ /Generally /Accepted /Accounting /Principles



Contra /Account /- /correct /answer(s) /✔✔ /Less /accumulated /depreasion



Leases /- /correct /answer(s) /✔✔ /Capitol /lease

Operator /Leas



Capitol /lease /- /correct /answer(s) /✔✔ /90 /% /payments /made /you /own /it /even /though /you /cant
/keep /it.




Operator /Lease /- /correct /answer(s) /✔✔ /Equipment /leases /month /to /month



Option /to /buy /- /correct /answer(s) /✔✔ /Operator /Lease /that /purchases /the /equipment



Liability /- /correct /answer(s) /✔✔ /What /and /who /you /owe



Long /Term /Liability /- /correct /answer(s) /✔✔ /Liability /that /will /be /payable /greater /than /12
/months.

, Owners /equity /- /correct /answer(s) /✔✔ /Capitol /stock

Retained /earnings

Current /period /Net /Income



Equity /- /correct /answer(s) /✔✔ /The /worth /of /a /company



Income /Statement /- /correct /answer(s) /✔✔ /Spans /a /period /of /time

Represents /the /transactions /that /occur /between /two /balance /sheets

revenue

Construction /Costs

Equipment /costs

Overhead

Other /income /and /expenses

Income /tax



Construction /Costs /- /correct /answer(s) /✔✔ /Labor

Subcontract

Equipment



Equipment /cost /- /correct /answer(s) /✔✔ /Rent /and /Lease /payment

Depreciation

Repairs /and /maintenance



Relationships /- /correct /answer(s) /✔✔ /Balance /sheet

Income /Statement

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