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Within solving the practice questions, I would appreciate your help within the following points:
1) Question 1 : Since the policy is not recognizing revenue till achieving 25%, is this was the reason for identifying the cost at 1,920 M instead of calculating the normal calculation (cost to date + estimated cost * percentage of the certified work).
2) Question 3: How the right answer would be $ 23,200 M as contract revenue as at 30 Nov 2013 while my over all contract price is $ 5,800 M.
4) Question 4: is the requirement to calculate contract cost would be for 2013 or 2014 because even if it was for 2014, I am not able to achieve the right answer. would u please share the answer.
1 yes
2 Good point! I got my “000” divider in the wrong place. The correct answer should of course be $ 2,320
4 the date should be October 2014 – thanks for that -it’s an error that I had not previously noticed
maybe the reason that you can’t arrive at the correct answer is that you didn’t see that, at October, 2014, an overall loss was being predicted. Does that answer it for you?
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