Lena Construction Compary's projects extend over several years, and collection of esceivables is reasonibly certan. Each project has a contract that specifes a price and the rights and obigations of all parties. Both the contractor and the customer are expected to fufil their contractual obligabons on nach project. Reliable estimates can be made of the extent of progress and cost to complele aach profact. Which of the following methode should the company use to account for construction minenue? a. Irstaliment anles mathod b. Completed contract metthod c. Percentage of completion method d. Cont recovery method QUESTION \& Which of the following best represents the matching principle? 3. Expenses ave reported in the period in which they are incured b. Experses may be repoded in a diterent peciod than the maiching revenue c. Revenues and expenses are matched based on when expenses are paid d. Revenue is recognized whan an order occurs and not when the actual rale is intialed