Percentage-of-completion and completed-contract methods

Reference no: EM13150348

When comparing the percentage-of-completion and completed-contract methods of accounting for long-term construction contracts, both methods will report the same:

a. Balances each period in the Progress Billings account.

b. Expense for cost of construction each year.

c. Amount of income in the year of completion.

d. Inventory carrying value each year during the construction period.

Reference no: EM13150348

Questions Cloud

Basics of amount of contract costs incurred : What is the amount of contract costs incurred during the year ended December 31, 2012?

Brand x costs $18 per kg while brand y costs 6 per kg : Brand X contains 20, 2 and 1 units of the minerals, while Brand Y contains 4, 1, 2 units of the minerals respectively. Brand X costs $18 per kg while Brand Y costs 6 per kg.

Determine the ratio of water to copper(ii) sulfate : A mass of 2.50 g of hydrated copper(II) sulfate is placed in a crucible and heated. On heating, 1.59 g of white anhydrous copper(II) sulfate is left behind. Determine the ratio of water to copper(II) sulfate.

What are the differences between monetary policies : Which of the policies is/are a monetary? - Which of the policies is/are fiscal? - What are the differences between monetary policies and fiscal policies?

Percentage-of-completion and completed-contract methods : When comparing the percentage-of-completion and completed-contract methods of accounting for long-term construction contracts, both methods will report the same:

Find probability that in sample of x is greater than value : If the mean (Mu) diastolic blood pressure in a certain age group is 80, and the standard deviation (Sigma) is 10, what is the probability that, in a sample of 100, the sample mean (X) is > 85?

What is the molar mass of the unknown gas : A 2.50 g sample of an unknown gas occupies 885 mL at 697 mm Hg and 40 C. What is the molar mass of the unknown gas

Using the results obtained in part : Using the results obtained in part (b) and part (c), derive the monopolist's short-run profit-maximizing level of output.(e) Determine the price charged by the profit-maximizing monopolist and the amount of profit earned.

Which of the policies is-are fiscal : Explain your policy combination in details (This is an open ended question) - Which of the policies is/are a monetary? - Which of the policies is/are fiscal? - What are the differences between monetary policies and fiscal policies?

User Account

All Pages