QUESTION 1 Which type of revenue or gain is generally recognized with the passage of time? OA. Long-term construction contracts. B. Gain or loss from disposition. C. Revenue from sales. D. Revenue from fees or services. QUESTION 2 The percentage-of-completion method A. accumulates construction costs in the Billings on Construction in Progress account. B is used primarily for short-term contracts. C. recognizes revenue and gross profits only when contract is completed. OD.recognizes revenue and gross profit each period based upon progress