When Should an Estimated Total Loss on a Construction Project

question 58

Short Answer

When should an estimated total loss on a construction project be recognized under the percentage of completion method and the completed contract method, respectively? $\begin{array} { l } &\text { Percentage of completion} &\text { Completed contract}\\a. &\text {In year of discovery } &\text { In year of discovery}\\ b.&\text { Over life of contract} &\text {In year of discovery }\\c. &\text {In year of discovery } &\text { In year of completion }\\d. &\text {Over life of contract } &\text {In year of completion }\\\end{array}$

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Definitions:

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A progressive neurodegenerative disorder characterized by memory loss, cognitive decline, and behavioral changes.