False QUESTION 2 1 p Match the term/phrase with the appropriate phrase , | If a contract qualifies for revenue recognition A. revenues and costs of construction recognized - over time... the period. The income statement reflects... At the completion of the contract... Timing of revenue recognition... B: revenue is recognized as the project is completed. C is fully recognized in the period in which it is first anticipated. both Billings on Contracts and Construction in Progress accounts are zeroed out. v Recognized losses on a long-term contract E: reduces the Construction in Progress account. An estimated loss on a long-term contrac... F- does not affect the total amount of profit or loss recognized on the contract. QUESTION 3 Save All Answ Click Save and Submit to save and submit. Click Save All Answers to save all answers