Which of the following statements is true regarding the reporting of revenues in an interim report

Which of the following statements is true regarding the reporting of revenues in an interim report?

A) Revenues should be recognized on the income tax basis for interim reporting.

B) Revenues should be recognized in interim periods in the same way as they are on an annual basis.

C) Projected losses on long-term contracts should be deferred to the annual report.

D) The percentage-of-completion method of reporting long-term construction projects is not an acceptable method for interim reporting.

E) Revenues should be recognized on the cash basis of accounting for interim reporting.

Answer: B