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Question 1
Question
Which of the following is an example of qualifying assets that warrant capitalization of interest?
Answer
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Inventories manufactured on a repetitive basis
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Assets acquired with gifts and grants
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Investments accounted for using the equity method
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Assets constructed and intended for sale or lease
Question 2
Question
A contractor is awarded a contract by a school district. The contract requires a guarantee that the contractor will perform the terms and conditions of the contract and that the project will be built according to the plans and specifications. Which type of bond will enable the contractor to provide the required guarantee?
Answer
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Bid
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Performance
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Labor and material payment
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Warranty
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