Choose the correct statement concerning the percentage-of-completion method of accounting for a firm with only one current long-term construction contract in process (assume no loss is projected): Multiple Choice

The net current asset account (net of construction- in- process, and billings) exceeds that same account under the completed contract method.

If the construction- in- process account exceeds the billings account, total costs to date must exceed total billings to date.

If the construction- in- process account exceeds the billings account, total costs to date must exceed total cash received on the contract to date.

It is possible to have both a net current asset account and a net current liability account in this situation.