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    Joint ventures are disclosed in the notes to the financial statements, not consolidated or reported as a separate line item. Revenues under the percentage of completion method are recognized based on the stage of completion of the project, not cash received or fair value delivered. A contingent liability is a legal claim against a company, not a loan, salaries/wages, or lease agreement.

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    Joint ventures are disclosed in the notes to the financial statements, not consolidated or reported as a separate line item. Revenues under the percentage of completion method are recognized based on the stage of completion of the project, not cash received or fair value delivered. A contingent liability is a legal claim against a company, not a loan, salaries/wages, or lease agreement.

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    4 views1 page

    D 9 PDF

    Uploaded by

    Anthony
    Joint ventures are disclosed in the notes to the financial statements, not consolidated or reported as a separate line item. Revenues under the percentage of completion method are recognized based on the stage of completion of the project, not cash received or fair value delivered. A contingent liability is a legal claim against a company, not a loan, salaries/wages, or lease agreement.

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    of 1

    How are joint ventures disclosed in the financial statements?

    a) Consolidated with the financial statements of the venturer.

    b) Reported as a separate line item within property, plant, and equipment.

    c) Disclosed in the notes to the financial statements.

    d) Presented as an adjustment to retained earnings.

    How are revenues recognized under the percentage of completion method?

    a) Based on the stage of completion of the project.

    b) Based on the cash received from customers.

    c) Based on the fair value of the goods or services delivered.

    d) Based on the net realizable value of the revenue.

    Which of the following is an example of a contingent liability?

    a) A loan payable to a bank.

    b) A legal claim against the company.

    c) Payment of salaries and wages.

    d) A long-term lease agreement.

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