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    Discuss how income is recognized when accounting for long-term contracts?

    What are some alternatives to recognizing revenue?

    How are losses accounted for?

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    Income is recognized when accounting for long term contracts by using two methods. One is the completed contract method and another is the percentage of completion method. The completed contract method recognizes revenues, and hence ...

    Solution Summary

    The expert discusses how income is recognized when accounting for long-term contracts. The alternatives to recognize revenues are determined.