TheFASB Accounting Standards Codificationrepresents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain

Question:

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.

Required:
1. Obtain the relevant authoritative literature on the percentage-of-completion method using the FASB's Codification Research System at the FASB website (www.fasb.org). What is the specific citation that describes the circumstances and conditions under which it is preferable to use the percentage-of-completion method?
2. List the circumstances and conditions.