USGAAP Requires That the Completed Contract Method Be Used

question 52

Multiple Choice

U.S.GAAP requires that the completed contract method be used

• A)when uncertainty obscures the total costs the contractor will incur in carrying out the project.
• B)in situations when a firm has not found a specific buyer while construction progresses.
• C)always to recognize income during construction projects.
• D)in both circumstances a and b.
• E)in none of the above situations.

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