Which of the following statements regarding the completed contract method is not true?

a)The company makes the same entries to recognize revenue as those under the percentage-of-completion method.

b)Losses on an unprofitable contract are immediately recorded.

c)The company makes different entries to recognize revenue than under the percentage-of-completion method.

d)The company makes the same annual entries to record costs of construction, progress billings, and collections from customers as those under the percentage-of-completion method.

  

Answer rating: 100% (QA)

Under percentageofcompletion method revenue is recorded every period in the propo... View the full answer