Under the indirect method, revenues and expenses reported on the income statement are adjusted to reflect the amount of cash received or paid for each item

Controls can be established at any point during a project but should follow the maxim "more control is better."

Indicate whether the statement is true or false

Which of the following conditions is (are) appropriate for using retention? I. Losses are difficult to predict. II. The worst possible loss is not serious

A) I only B) II only C) both I and II D) neither I nor II