User Account

All Pages

How must companies account for long term contracts

Assignment Help Accounting Basics
Reference no: EM131119272

1. iGAAP prohibits the use of the completed-contract method in accounting for long-term contracts. If revenues and costs are difficult to estimate, how must companies account for long-term contracts?

Reference no: EM131119272

Questions Cloud

Summarize the facts in narrative or outline form : Summarize the facts in narrative or outline form. These should include the most important and pertinent incidents in the situation. Do not simply restate the entire case
How much revenue should livesey company report : The costs cannot be reliably estimated. How much revenue should Livesey Company report in the first year under iGAAP?
What are the benefits of engaging in strategic planning : What are the major costs or problems in doing strategic planning in your organization?
Electronic commerce and the social enterprise : Module 4 introduces online presence for business and information security policies. E-commerce can result in a radical change in the manner business operate, but it needs to be integrated with the rest of the business.
How must companies account for long term contracts : iGAAP prohibits the use of the completed-contract method in accounting for long-term contracts.
Question regarding the water quality report : Imagine that you are in charge of water quality for a local branch of your state's Department of Environmental Protection. It is an agricultural region with several large industrial farms and concentrated animal feeding operations (CAFOs).
Cross out the unbalanced part of each sentence : Cross out the unbalanced part of each sentence, and revise the unbalanced part so that it matches the other item/s in the sentence. "Many people want a career that pays high wages, provides a complete benefits package, and offering opportunities for ..
Main initiatives of the medical waste tracking act : Question 1: What were some of the main initiatives of the Medical Waste Tracking Act of 1988 (MWTA)? How does the MWTA compare with regulations in the UK and China?
Referring to surface water restoration : Locate two articles in the CSU Online Library referring to surface water restoration. Provide a one-page analysis of each article. Your analysis should include the following information:

Reviews

Write a Review

Accounting Basics Questions & Answers

  Space coast city issued the following during the year ended

space coast city issued the following during the year ended september 30 2010 1 200000 in bonds for the installation of

  Lower-of-cost-or-market rule

Apply the lower-of-cost-or-market rule to the valuation of inventory.

  How are these standards regulated

Evaluate and summarize the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). Why is this important? How will it be implemented? How are these standards regulated? Who r..

  Vernon clinic uses patient-visits as its measure of

vernon clinic uses patient-visits as its measure of activity. during february the clinic budgeted for 3110

  Rental income of personal income taxes system

Rental income of Personal income taxes system in the US. Is it a progressive taxation system? Why or why not?

  How does a funds flow statement differ from a balance sheet

What is a Balance Sheet? How does a Funds Flow Statement differ from a Balance Sheet ? Enumerate the items which are usually shown in a Balance Sheet and a Funds Flow Statement.

  On june 3 hunt company sold to ann mount merchandise having

on june 3 hunt company sold to ann mount merchandise having a sales price of 12000 with terms of 310 n60 f.o.b.

  Which types of transfers are most likely to increase risk

Based on your research, determine the types and methods of transfers that will most likely trigger a taxable event for your client. Indicate how you are likely to present this information to your client.

  Kinds of information that should be reported in the statisti

Briefly describe the kinds of information that should be reported in the statistical section of the CAFR.

  Maximum amount of distribution which is treated as dividend

Swan a calendar year corporation has a deficit in current E & P of 200,000 and a %580,000 positive balance in accumulated E&P. If Swan determines that a $1 million distribution to its shareholders is appropriate at some point during the year, what..

  Effect of omitting adjusting entry

Effect of omitting adjusting entry - indicate whether the items in error will be overstated or understated.

  What is e-commerce

What is e-commerce? Describe how it can be used.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd