Reference no: EM132680307

Problem 1: Under the completed-contract method, which of the following are reported each period during construction?

1- Revenues.

2- Gross profit.

3- Costs incurred.

4- All of the above are reported each period under the completed contract method.

Problem 2: Which of the following indicate that a seller's performance obligations have been satisfied?

1- The customer can direct the use of the good or service purchased without hindrance from the seller.

2- The customer can prevent others from receiving any benefit from the good or service purchased.

3- The customer has legal title to, and physical possession of, the asset purchased.

4- All of the above indicate satisfaction of a seller's performance obligations