Under the percentage-of-completion method, the percent complete is often estimated by comparing the cost incurred to date with the total estimated cost to complete.

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This statement is true. The percentage-of-completion method calculates the percentage of a project that has been completed by comparing the actual costs incurred to date with the estimated total costs of the project. This provides a way to estimate the progress of the project and the revenue or income that can be recognized in proportion to the work completed.

Under the Percentage-Of-Completion Method, the Percent Complete Is Often Estimated