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If a Company Uses the Completed-Contract Method of Accounting for Long-Term

Question 2

Multiple Choice

If a company uses the completed-contract method of accounting for long-term construction contracts,then during the period of construction,financial information related to a long-term contract will


A) appear on both the income statement and balance sheet during the construction period.
B) appear only on the income statement during the period of construction.
C) appear only on the balance sheet during the period of construction.
D) not appear on the financial statements.

Correct Answer:

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