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Q. Explain about Percentage of completion method?
The percentage-of-completion method makes out revenue based on the estimated stage of completion of a long-term project. To calculate the stage of completion firms compare actual costs incurred in a period with the total estimated costs to be incurred on the project. To exemplify assume that a company has a contract to build a dam for USD 44 million. The approximate construction cost is USD 40 million. You compute the estimated gross margin as follows
The firm distinguish the USD 4 million gross margins in the financial statements by recording the assigned revenue for the year and then deducting actual costs incurred that year. The formula to recognize revenue is as
(Real construction costs incurred during the period / Total estimated construction costs for the entire project for period) * Total sales price=Revenue recognized
Q. What do you mean by Inventory turnover? Inventory turnover -- a ratio which indicates amount of inventory a company uses tosupport a given level of sales. Formula is: Invent
Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivable
what is accounting equation and introduction
Q. Example of Electronic spreadsheets? Electronic spreadsheets have many applications in accounting. An electronic spreadsheet is basically a large blank page that contains row
Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe
The operating expenses section Operating Expenses - directly associated to the sale of merchandise General expenses (administrative expenses) related to business's offic
Q. Determine the cost of ending inventory? The company suppose that the 20 units in inventory consist of 10 units purchased December 21 and 10 units purchased October 12. The o
If Alisha Maintenance manufacturing has: total maintenance cost of $2,785,000 total fixed maintenance cost of $310,000 total variable maintenance cost of $2,475,000 total m
Question 1: (a) Public accounting is said to "mirror" the budget. Explain. (b) How public sector accounting systems help in the administration of public finance? Questio
Webster, Inc. began operations at the start of the present year, having a production target of 60,000 units. Real production totalled 60,000 units, and the company sold 95% of its
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