Percentage-of-Completion Method | Long-Term Contracts | CPA FAR Exam

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This video walks through the key differences in both the percentage-of-completion method and the completed contract method for recognizing long-term contracts. The CPA Exam will primarily test your knowledge on the percentage-of-completion method, and one of the key journal entries that you must be thoroughly prepared for is Step 4 in our mental map. That is the recognition of revenue, construction expense and construction in progress. This is a "must know" come exam day!
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[@jyothsnachilkuri3122]

A quick question it says billed and collected "to date". Doesn't that mean it is a cumulative costs for both y1 & y2. Shouldn't they be as billed during the year and collected during the year, Instead of "to date"?