When should an estimated total loss on a construction project be recognized under the percentage of completion method and the completed contract method, respectively? $\begin{array} { l }
&\text { Percentage of completion} &\text { Completed contract}\
a. &\text {In year of discovery } &\text { In year of discovery}\
b.&\text { Over life of contract} &\text {In year of discovery }\
c. &\text {In year of discovery } &\text { In year of completion }\
d. &\text {Over life of contract } &\text {In year of completion }\
\end{array}$

Question

When should an estimated total loss on a construction project be recognized under the percentage of completion method and the completed contract method, respectively? $\begin{array} { l  }
 &\text { Percentage of completion} &\text { Completed contract}\
a. &\text {In year of discovery } &\text { In year of discovery}\
 b.&\text { Over life of contract} &\text {In year of discovery }\
c. &\text {In year of discovery } &\text { In year of completion }\
d. &\text {Over life of contract } &\text {In year of completion  }\
\end{array}$

Quizplus · Accepted Answer

The Answer of When should an estimated total loss on a construction project be recognized under the percentage of completion method and the completed contract method, respectively? $\begin{array} { l  }
 &\text { Percentage of completion} &\text { Completed contract}\
a. &\text {In year of discovery } &\text { In year of discovery}\
 b.&\text { Over life of contract} &\text {In year of discovery }\
c. &\text {In year of discovery } &\text { In year of completion }\
d. &\text {Over life of contract } &\text {In year of completion  }\
\end{array}$

When Should an Estimated Total Loss on a Construction Project