A loss on an unprofitable long-term contract is recognized in the current period under:

A. the completed-contract method only.
B. the percentage-of-completion method only.
C. both the completed-contract and the percentage-of-completion methods.
D. neither the completed-contract nor the percentage-of-completion methods.

Ans: C. both the completed-contract and the percentage-of-completion methods.

Business

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