Statement $4$: According to GAAP revenue recognition criteria, in order for revenue to be recognized on the income statement, it must be earned and realized $($realizable$).$

Statement $5$: Companies that engage in long$-$term sales contracts such as construction projects often use the cost$-$to$-$cost method to recognize revenue. This means that revenue is recognized in proportion to the project$$s completion.

With respect to Revenue Recognition rules, are statements $4$ and $5$ correct?

A$.$

Only statement $5$ is correct

B$.$

No$,$ only statement $4$ is correct.

C$.$

Neither statement is correct.

D$.$

Yes