1. The purchasing of inventory becomes a job cost to be added to the job cost ledger as soon as it is purchased. true false
2. If the profits are uniformly distributed over the project, an under-billing is where the company's costs and profits exceed the billings to the client. Under-billings are recognized as an asset on the balance sheet. true false
3. Which of the following are an example of committed costs? (Mark all that apply)
Signed Time & Material (T&M) subcontract or
None of the Above or
Signed PO per unit or
Signed Fixed Price PO or
Signed Lump Sum Change Order or
Signed Lump-Sum (Fixed Price) subcontract or