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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
what is implication wrongly application of accounting concept#
The total revenue of the month of June amounted to $6,500; total expenses amounted to $3,500; and withdrawals amounted to $600. The net income for the month amounted to $6,000. $
1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let
Q. Explain FOB shipping point freight collect? FOB shipping point freight collect - Buyer both initially pays and incurs the freight chargers. The proper party (buyer) paid the
procedure followed in government system
The analysis focused primarily on the role, structure and funding arrangements for the International Accounting Standards Board (IASB), an entity that has been responsible for majo
Why to and by using in journal, trading a/c, p&l a/c and ledger?
061689 bussines accounting and you All i need detail how to do it i watch video but im not understanding if anybody have more specific explanation details
Provided services on credit to Yamato P/L $5 900. How do we apply this in the t accounts
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.on..
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