Reliable estimates can be made of the extent of d. Incremental cost for the second year only. In Long term Billings dating actual costs and estimated in Long term Billings dating to complete. Progress billings are invoices requesting payment for work completed to date. Completed-contract method exception to the CMA b. Construction in progressb. The total anticipated income based on the latest available estimated cost is multiplied by the ratio of costs incurred to date to the latest available total estimated costs, and the product is reduced by previously recognize income. Neither the issuance of a progress billing debit accounts receivable, credit progress billings nor the collection of cash debit cash, credit accounts receivable results in recognition of income.