The annual entries to record costs of construction, progress billings, and collections from customers under the completed-contract method would be identical to those illustrated under the percentage-of-completion method with significant exclusion of the recognition of revenue and gross profit.

The "Common Market of the South" in Latin America is used to describe:

A) SICA. B) Mercosur. C) Andean Community. D) CARICOM. E) FTAA.

Which of the following constitutes legal consideration?

A) A promise based upon a change in duties and payments B) A promise based upon past consideration C) A promise based upon a moral obligation D) A promise based upon a preexisting duty E) A promise to make a gift