Under the Percentage-Of-Completion Method, How Should Earned but Unbilled Revenues $\bold{\text{contract asset/liability}}$

Multiple Choice

Under the percentage-of-completion method, how should earned but unbilled revenues on a long-term contract be disclosed on the statement of financial position?

A) as $\bold{\text{contract asset/liability}}$ in the current asset section
B) as $\bold{\text{contract asset/liability in}}$ the noncurrent asset section
C) as a receivable in the noncurrent asset section
D) in a note to the financial statements until the customer is formally billed for the portion of work completed