True or False 6.T F The completed-contract method is generally better for use in financial statements because it evens out the annual profits in the...

True or False6.T F The completed-contract method is generally better for use in financial statements because it evens out the annual profits in the income statement.7.T F You do not need to disclose in the annual statements (Notes to the Financial Statements) as to which method you use in determining the annual revenue recognized in long-term construction contracts.8.T F In determining the profit to be recognized in installment sales from prior years, you use the profit percentage for the year in which the sale was made.9.T F When using the cost recovery method you still recognize a portion of the profit in the income statement for each year of the contract.10.T F Under the deposit method, the seller receives a deposit from the seller prior to the execution of the contract. This deposit is recognized as profit when received.

6.T F The completed-contract method is generally better for use in financial statements becauseit evens out the annual profits in the income statement. -True7.T F You do not need to disclose in...