When the Percentage of Completion Method Is Used to Recognize

question 74

True/False

When the percentage of completion method is used to recognize revenue, the amount of revenue recognized should NOT be based on the billings issued.

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Definitions:

Long

Descriptive of something with a great length or duration, extending far from end to end.

Dangling Modifier

A word or phrase that modifies a word not clearly stated in the sentence, often leading to confusing and grammatically incorrect sentences.

Misplaced Modifier

A grammatical error where a modifier (word, phrase, or clause) is placed in a sentence in such a way that it appears to modify an unintended word, leading to ambiguity or confusion.

Family

A social group consisting of parents, children, and sometimes extended relatives, bonded by genetic, legal, or emotional ties.