The following statements relate to long-term contracts:

(i) Levels of completion of the contract can be estimated using either costs to date or work certified to date.

(ii) Any anticipated losses should be taken as soon as they are expected.

(iii) If the contract is half complete it is expected that half the expected profit will always be taken.

Which of the above are correct?

(a) (i) and (ii) only

(b) (i) and (iii) only

(c) (ii) and (iii) only

(d) (i), (ii) and (iii)
(2 marks)