Under the completed-contract method,
A)revenue, cost, and gross profit are recognized during the production cycle.
B)revenue and cost are recognized during the production cycle, but gross profit recognition is deferred until the contract is completed.
C)the contract-based approach to recognizing revenues would not be allowed.
D)none of these.

Question

Quizplus · Accepted Answer

The Answer of Under the completed-contract method,
A)revenue, cost, and gross profit are recognized during the production cycle.
B)revenue and cost are recognized during the production cycle, but gross profit recognition is deferred until the contract is completed.
C)the contract-based approach to recognizing revenues would not be allowed.
D)none of these.

Under the Completed-Contract Method