When should an anticipated loss on a long-term contract be recognized under the percentage-of-completion method and the completed-contract method, respectively?
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Percentage-of-completion |
Completed-contract |
|
|
a. |
Over life of project |
Contract complete |
|
b. |
Immediately |
Contract complete |
|
c. |
Over life of project |
Immediately |
|
d. |
Immediately |
Immediately |