Question: When should an anticipated loss on a long-term contract be recognized under the percentage-of-completion method and the completed-contract method, respectively? Percentage-of-completion Completed-contract a. Over life

When should an anticipated loss on a long-term contract be recognized under the percentage-of-completion method and the completed-contract method, respectively?

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

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