1 pts Which of the following statements is correct? Long-term construction contracts are unique from other contracts with customers. Therefore, PFRS 15 excludes from its scope the accounting for long-term construction contracts. PFRS 15 does not provide a special distinction between long-term construction contracts from other types of contracts with customers. Therefore, an entity shall apply the same principles in accounting for long-term construction contracts as those applied to other types of contracts with customers. Long-term construction contracts are unique from other contracts with customers. Therefore, PFRS 15 requires an entity to recognize revenue from long-term construction contracts using either the percentage of completion method or the zero- profit method. PERS 15 does not exclude long-term construction contracts from its scope. However, because of the unique nature of long-term construction contracts, PFRS 15 requires an entity to recognize revenue from a long-term construction contract that is expected to be completed within 3 years or more using the percentage of completion method. For those that are expected to be completed within a shorter period, revenue shall be recognized when construction is complete