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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 are Service companies? Service companies carry out services for a fee. This group comprise law firms, accounting firms and dry cleaning establishments. The early sectio
At the reception it is decrypted and actual data is obtained. Explain the different methods of encryption technique
what is meaning by parallel accounts
Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb
how much is it to get a tutor, per hour or package? i am in an mba program now
Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-
the books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found later
norman co borrows $15,000 with a 8%interest 38,000 account receivable paid $26,000 salary
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
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
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