Boston Consulting Group (BCG) is a management consulting, technology services and outsourcing organization. Which of the following actions should managers take when there is evidence that a fixed-rate contract is over budget and will generate a loss for the firm? a. Use the percentage of completion method and pro rate the loss over the entire term of the engagement
b. Restate the financial statements and recognize the loss in the earliest period of the engagement
c. Use the percentage of completion method to recognize the loss over the remaining term of the engagement.
d. Recognize the loss in the current period rather than over the remaining term of the engagement
e. None of the above

Acontractor was awarded a purchase order for commercial items for $1.5 million under the authority of far subpart 13.5. the purchase order was issued in november 2010 and containedall applicable clauses that were current as of the date of the purchase order. under the purchase order, the contractor is required to comply with a small business subcontracting plan that contains all of the required elements. which of the following is true? a.the contractor must submit a standard form 294, subcontracting report for individual contracts. b.the contractor must submit an individual subcontracting report through the electronic subcontracting reporting system (esrs). c.the contractor may submit either an sf 294 or report its subcontracting through esrs. d.the contractor is not required to submit any subcontracting reports.