Question: How is revenue recognized on a cost plus 7% contract? Select one: a. Revenue and expenses are recognized in proportion to the degree of progress.

How is revenue recognized on a cost plus 7% contract? Select

How is revenue recognized on a cost plus 7% contract? Select one: a. Revenue and expenses are recognized in proportion to the degree of progress. b. Revenue equal to the cost plus 7% profit will be recorded each year. c. Revenue is recognized only after the contract is completed. d. Record an amount of revenue equal to the costs that are expected to be recovered on the contract. Clear my choice

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