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Which of the following is a false statement as it relates to using the percentage of completion method (PCM) for accounting for long-term contracts? PCM

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Which of the following is a false statement as it relates to using the percentage of completion method (PCM) for accounting for long-term contracts? PCM is an accurate method to measure income recognition. PCM accelerates income recognition compared to other methods. Losses may be recognized based on the percentage of completion. The percentage of completion method is preferred by most banks. PCM achieves maximum deferral/defers income recognition compared to other methods

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