Revenue recognition on long-term construction projects, Biology

Assignment Help:

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.


Related Discussions:- Revenue recognition on long-term construction projects

Define the term - the dna transistor, Regarding the article "The DNA Transi...

Regarding the article "The DNA Transistor" which of the following is a false statement? A. The DNA transistor refers to the use of an electrical sensor to read one nucleotide a

Functions of protein, FUNCTION S OF PROTEIN Proteins from the collo...

FUNCTION S OF PROTEIN Proteins from the colloidal complex of the protoplasm and its organelles. Most Abundant Protein in Organic World is RUBISCO or Ribulose biphosp

What is biological control, Q. What is biological control? The Biologic...

Q. What is biological control? The Biological control is a natural method to control the size of microorganism, animal or plant populations. The Biological control is based on

Why dairy or milk product are important for human body, Why Dairy or milk p...

Why Dairy or milk product are important for human body? This first food of mammals is rich in body-building proteins and bone-forming calcium, besides being the only source of

What is conventional breeding, What is Conventional breeding Conventio...

What is Conventional breeding Conventional breeding is a process in which genes for pesticidal traits are introduced into a plant by natural methods, such as cross-pollination

Microscopic examination of sputum, Question 1 Discuss briefly the collecti...

Question 1 Discuss briefly the collection and examination of pericardial fluid Question 2 Discuss the following Collection of CSF Physical examination of CSF

Define the hydrogen ion concentration in red blood cells, Which of the foll...

Which of the following processes help bring oxygen to the body cells that are in a leg? A. Net flux of oxygen from blood plasma into red blood cells in the body capillaries in

Pollen tube growth, Pollen Tube Growth There are significant differen...

Pollen Tube Growth There are significant differences in the fine structure of the tips of pollen tubes in compatible and incompatible pistils such as Lilium. Tubes growing in

Viruses, what are viruses?its history?its life cycle and the diseases cause...

what are viruses?its history?its life cycle and the diseases caused by it?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd