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AFSB 152 - Assignment 5 Practice Exam.
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AFSB 152 - Assignment 5 Practice Exam.
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AFSB 152 -Assignment 5
Practice Exam
Which one of the following provides
information about a contractor's accounting
policies?
Notes to financial statement
3 multiple choice options
Mallard Builders, bonded by Jacobs Surety, is
a construction company that chooses a
method for financial reporting that uses an
accounting technique that estimates profits
on partially finished construction projects.
Which method is Mallard using that is also
one that presents no significant
disadvantages to Jacobs regarding its use?
Percentage-of-completion method
3 multiple choice options
0:05
, /
0:15
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Steven of Hammond Bonding Company is
reviewing some of the prepared financial
statements for Williams Electrical
Contractors. Which one of the following best
describes Steven's level of trust and reliance
on some of these various documents?
Williams deems the expense of engaging a
CPA to prepare an annual audited report a
justifiable expense.
3 multiple choice options
Which construction accounting method best
measures a contractor's financial condition at
a point in time and results achieved on work
performed during the year?
Percentage-of-completion method
3 multiple choice options
John is an underwriter with Winslow Surety.
He is currently in a position where he needs
verification of an active construction
contractor's financial statement. This action
by the surety is
Impractical and virtually impossible.
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