In accounting for a long$-$term construction$-$type contract using the percentage$-$of$-$completion method, the gross profit recognized during the first year would be the estimated total gross profit from the contract, multiplied by the percentage of the costs incurred during the year to theIn accounting for a long$-$term construction$-$type contract using the percentage$-$of$-$completion method, the gross profit recognized during the first year would be the estimated total gross profit from the contract, multiplied by the percentage of the costs incurred during the year to the

a$.$

only revenues, but not costs or gross profit

b$.$

neither revenues nor costs or gross profit

c$.$

only costs, but not revenues or gross profits

d$.$

revenues, costs and gross profits

Question $5$Select one:

a$.$

Revenue is recognized when goods are manufactured

b$.$

Revenue is recognized when the arrangement is made

c$.$

Revenue is recognized when the delivery of goods is made

d$.$

Revenue is recognized at the point in time at which payment from the customer is received