QUESTION 5 When accounting for revenue for a long-term contract, the percentage of completion used to recognize revenue in tho first yoar usually is determined by measuring Ocosts incurred in the first year, divided by estimated total costs to be incurred in the remaining years of the project O costs incurred in the first yoar, divided by estimated total costs for the completed project costs incurred in the first year, divided by estimated gross profit costs incurred in the first year, divided by estimated remaining costs to complete the project O