The percentage-of-completion method
a. recognizes revenue and gross profit each period based upon progress.
b. is used primarily for short-term contracts.
c. accumulates construction costs in the Billings on Construction in Progress account.
d. recognizes revenue and gross profits only when contract is completed.
Ans: a. recognizes revenue and gross profit each period based upon progress.
You might also like to view...
According to the FTC, marketing and sales messages must
A) offer an alternative if the advertised product is not available. B) include a product reviewers name and any payment received for the review. C) not be offensive or insulting. D) include opt-in choices. E) be free of implied claims.
Today, the most common classification of the components of a marketing mix is the ________
A) 4 Cs B) 4 Ps C) 7 Ps D) 7 Cs E) 12 variables