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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. Explain about perpetual inventory procedure? When discussing inventory we require clarifying whether we are referring to the physical goods on hand or the Merchandise Invent
Research the major funds of your state or local government and nonprofit organizations. • What are the major funds of your state or local government, and how do they differ in n
Concept of 'Fund' : The word 'Fund' has a range of meanings. several people take it identical to cash and for them, there is no dissimilarity between Cash Flow and Funds Flow
Explain the Terms of Payment Revolving charge plans are set up so that you can pay a percentage plus a finance charge on a monthly basis. Credit terms - allow purchaser a
Q. Starting inventory and net cost of purchases? Hanlon's start inventory (USD 24000) plus net cost of purchases (USD 166000) is equivalent to cost of goods available for sale
I want a company law assignment
What is the typical time span for long-range plans? A. More than 1 year C. 3-5 years B. 2-3 years D. About 25 years
Q. Explain about cost principle? As applied to largely assets this principle is often called the cost principle. It utter that purchased or self-constructed assets are initiall
nWhat is the implication of applying accounting concepts wrongly.imum 100 words accepted#
The Braggs & Struttin' Company produces an engine for carpet cleaners called the "Snooper." Budgeted cost and revenue data for the "Snooper" are given below, depends on sales of 40
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