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When recognizing revenue of long-term contracts upon completion of the project: a. Estimated losses on the overall contract are recognized before the contract is completed
When recognizing revenue of long-term contracts upon completion of the project:
a. Estimated losses on the overall contract are recognized before the contract is completed
b. Expense are recorded each period, but revenue is only recognized when the contract is completed.
c. Use of this method is not permitted under generally accepted accounting principles.
d. Neither gains nor losses are recognized until the contract is completed.
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