Final answer:
Among the given statements, the only one that can be identified as false is the estimated costs to complete as of year-end 2026 since the road was stated to be completed in 2026. The other statements would require verification from accounting records to confirm their truthfulness.
Step-by-step explanation:
The question presented pertains to the accounting of a construction contract, which involves recognizing revenue and expenses related to the contract over time. In regards to the provided statements:
- The cost incurred during the year 2025 can be considered a fact if verified by the company's accounting records.
- The estimated costs to complete as of year-end 2026 being $2,000,000 would not be true, as the project was completed in 2026, and there should be no estimated costs to complete after the project is finished.
- The billings during the year 2024 being $2,000,000 would be a fact specific to the company's billing schedule and accounting practices; thus, without additional information, we cannot confirm its accuracy.
- Cash collections during the year 2026 being $4,600,000 is a piece of factual information that could be verified through the company's financial records.
Without further details from the company's financial statements, only the estimated costs to complete as of year-end 2026 being $2,000,000 can be definitively identified as false accounting information, as it contradicts the information that the road was completed in 2026.