Question $1(1$ point$)$

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When accounting for long$-$term construction contracts under IFRS, which of the following statements is true?

Question $1$ options:

a$)$

Before completion of the project, the net balance of the contract assets and progress billings accounts is reported on the statement of financial position as a current asset or liability.

b$)$

All eligible construction$-$related costs are credited to the contract assets account.

c$)$

Earned profit is credited to the construction$-$in$-$progress revenue account.

d$)$

Interim billings on the project are debited to the progress billings account.