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Q. Revenue Recognition on Long-term Construction Projects?
Revenue Recognition on Long-term Construction Projects Company identifies revenue from a long-term construction project under two different methods (a) the completed-contract method or (b) the percentage-of-completion method. The completed-contract method doesn't recognize any revenue until the project is completed. In that period they make out all revenue even though the contract may have required three years to complete. Consequently the completed-contract method recognizes revenues at the time of sale as is true for most sales transactions. Companies hold costs incurred on the project forward in an inventory account (Construction in Process) and charge them to expense in the period in which the revenue is recognized. Some accountants squabble that waiting so long to recognize any revenue is unreasonable. They believe that for the reason that revenue-producing activities have been performed during each year of construction revenue must be recognized in each year of construction even if estimates are needed.
Describe Chronic MR Murmur in MR Murmur ? Characteristic: Pan systolic murmur, often loudest at apex and radiates to axilla, may also be audible in back and over the entire pre
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classification sketch of protozoa
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what stimulate the system in homoeostasis
How many biochemicals would be detected in the stomach contents of an omnivorous dinosaur?
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