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A. Under the completed-contract method, the loss is not recognized until the year the construction is completed. Which of the following statements is correct? A. Under the completed-contract method, the loss is not recognized until the year the construction is completed. B. Under the percentage-of-completion method, the gross profit recognized in the first year must not be changed. C. Under the completed-contract method, when the billings exceed the accumulated costs, the amount of the estimated loss is reported as a current liability. D. Under the completed-contract method, when the Construction in Process balance exceeds the billings, the estimated loss is added to the accumulated costs.
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