Question: When accounting for a long - term construction contract for which revenue is recognized over time according to the percentage of completion, gross profit is

When accounting for a long

-

term construction contract for which revenue is recognized over time according to the percentage of completion, gross profit is recognized in any year and is debited to:

Multiple Choice

Accounts receivable.

Construction in progress.

Billings on construction contract.

Deferred income.

When accounting for a long-term construction contract for which revenue is

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