Under ASPE, companies are allowed to use the percentage-of-completion method as well as the completed-contract method. The formula to compute percentage-of-completion method is:
Select one:
a. Actual Costs Incurred in Current Year plus Total Estimated Project Costs
b. Total Estimated Project Costs less Actual Costs Incurred in Current Year
c. Total Estimated Project Costs divided by Actual Costs Incurred in Current Year
d. Actual Costs Incurred in Current Year divided by Total Estimated Project Costs
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