Under the Completed-Contract Method of Revenue Recognition, Partial Billings Could

Under the completed-contract method of revenue recognition, Partial Billings could be reported on the balance sheet as a $\begin{array}{lll}& \text { Contra Asset}& \text { Current Liability}\\\text { I. } & \text { Yes } & \text { Yes } \\\text { II. } & \text { Yes } & \text { No } \\\text { III. } & \text { No } & \text { Yes } \\\text { IVI } & \text { No } & \text { No }\end{array}$

A) I
B) II
C) III
D) IV