Based on the same data in question 20, in addition to accounts receivable, what would appear in the 2016 balance sheet related to the construction accounts?

Which statement is true regarding a standard cost system?

A. Both actual and standard costs are used. B. Only standard costs are used. C. If variances occur, then something negative in the operations has occurred. D. Standards are used only when actual amounts are not available.

The reason that a discount factor in year 3 is less than a discount factor in year 2 is that

A) cash flows are uneven. B) compounding does not occur. C) cash flows are even. D) present value is positive. E) a dollar received in three years is worth less than a dollar received in two years.