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When using the percentage-of-completion method of accounting for long-term contracts, the percentage of completionused to recognize gross profit in the first year usually is determined by measuring:

A. Costs incurred in the first year, divided by estimatedremaining costs to complete the project.

B. Costs incurred in first year,divided by estimated total costs of the completed project.

C. Costs incurred in first year, divided by estimated grossprofit.

D. None of these is correct.

Aftertaking the quiz, the system said that NONE of these is correct. I really don't understand why None of these is correct ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9796650

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