When accounting for long-term contracts (other than those for services),all of the following accounting methods may be acceptable with the exception of
A)the allocated completion method of accounting.
B)the completed contract method.
C)the percentage of completion method.
D)the modified percentage of completion method.

Question

Quizplus · Accepted Answer

The allocated completion method of accounting is not an accepted method for accounting for long-term contracts. The three commonly accepted methods are the completed contract method, the percentage of completion method, and the modified percentage of completion method.

When Accounting for Long-Term Contracts (Other Than Those for Services),all