ACT 311 Exam 2 questions well
answered to pass
Sales Revenue - Cost of Construction = ? - correct answer ✔✔Gross Profit
CIP is equal to: - correct answer ✔✔Costs + GP
Actual Costs/ (Actual Costs + Estimated Costs of Completion) = ? - correct answer
✔✔Percent Complete
To find revenues: - correct answer ✔✔Multiply percent complete by total contract
price
If CIP is > Billings - correct answer ✔✔Net Contract Asset
If Billings > CIP - correct answer ✔✔Net Contract Liability
Construction Costs is most similar to which account? - correct answer ✔✔Cost of
Goods Sold (COGS)
Construction in Progress is most similar to which account? - correct answer
✔✔Inventory
answered to pass
Sales Revenue - Cost of Construction = ? - correct answer ✔✔Gross Profit
CIP is equal to: - correct answer ✔✔Costs + GP
Actual Costs/ (Actual Costs + Estimated Costs of Completion) = ? - correct answer
✔✔Percent Complete
To find revenues: - correct answer ✔✔Multiply percent complete by total contract
price
If CIP is > Billings - correct answer ✔✔Net Contract Asset
If Billings > CIP - correct answer ✔✔Net Contract Liability
Construction Costs is most similar to which account? - correct answer ✔✔Cost of
Goods Sold (COGS)
Construction in Progress is most similar to which account? - correct answer
✔✔Inventory
