1. Progress payments and advances received from customers often reflect the services performed and can be used to reliably determine the percentage of completion. (a) True. (b) False. 2. When the...

1. Progress payments and advances received from customers often reflect the services performed and can be used to reliably determine the percentage of completion. (a) True. (b) False.

2. When the outcome of a transaction involving the rendering of services cannot be estimated reliably, which of the following statements is correct? (a) Revenue should not be recognized. (b) Revenue should be recognized for the total amount specified in the contract. (c) Revenue should be recognized only up to the amount of the recoverable recognized expenses. (d) None of these.