Final answer:
Total revenue and Total profit do not differ between revenue recognized over time and at completion; Total expense and The timing of recognition do vary.
Step-by-step explanation:
The components that will not differ between revenue recognized over time and revenue recognized at completion are Total revenue and Total profit. However, Total expense and The timing of recognition will vary between these two processes.
In accounting, when we discuss revenue recognition, we are dealing with how and when to record revenue in the financial statements. While the method of recognition can affect the timing of when revenue appears on the income statement, the overall amount of revenue, assuming all else equal, does not change based on whether it is recognized over time or upon completion. Similarly, total profit, which is calculated as total revenue minus total expenses, will ultimately remain the same, whether the revenue is recognized at different stages during the production or service process or all at once upon completion.
However, the timing of expense recognition may affect reported net income during reporting periods before final completion, and expense recognition can relate to how the revenue is recognized. For instance, in a long-term project, expenses may be recognized proportionally over time as revenue is recognized, which can differ from an approach that recognizes expenses in a lump sum upon project completion.