Question: is income previously recognized the same as previously recognized gross profit? A company used the percentage-of-completion method of accounting for a 4-year construction contract. Which

is income previously recognized the same as previously recognized gross profit?
is income previously recognized the same as previously recognized gross profit? A

A company used the percentage-of-completion method of accounting for a 4-year construction contract. Which of the following items is needed to make the calculation of income recognized in the fourth year? a. Income Previously Recognized, but not the Contract Price b. Contract Price, but not income Previously Recognized c. Both Contract Price and income Previously Recognized d. Neither income Previously Recognized nor Contract Price

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