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

High proportion of reticulocytes, A patient has a low red blood cell count,...

A patient has a low red blood cell count, and microscopic examination reveals an abnormally high proportion of circulating reticulocytes. Upon subsequent examination, the patient i

What is the role of pharmacologic therapy, What is the role of pharmacologi...

What is the role of pharmacologic therapy in the treatment of peri implantitis. Pharmacological therapy for patients presenting with an ailing implant involves subgingival irri

What is the usual biological function of connective tissues, Q. What is the...

Q. What is the usual biological function of the connective tissues? How is this function associated to the main features of its cells? The usual function of the connective tiss

Define beriefly about the phytoestrogens, Define beriefly about the Phytoes...

Define beriefly about the Phytoestrogens? You may be aware of the surging interest in phytoestrogens (PE) especially in connection with osteoporosis. This section briefly discu

Endocrine glands - liver, LIVE R - The liver produces a protein angiot...

LIVE R - The liver produces a protein angiotensinogen which is changed to angiotensin II by an enzyme renin secreted by the juxtaglomemlar apparatus of the nephrons in the kid

Threshold value of different larval tissues, Threshold Value of Different L...

Threshold Value of Different Larval Tissues Threshold value of dissimilar larval tissues for the thyroid hormone concentration One of the main problems of metamorphosis is

Define principle of fehling test - reduction tests, Define Principle of feh...

Define Principle of fehling test - reduction tests? Sugars that possess a free or potentially free (those that can be converted to free) aldehyde or ketonic group have a proper

Genetic, what are the limitation of mendelian experiment

what are the limitation of mendelian experiment

Ammonotelism - excretion, Normal 0 false false false EN...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Educate the mothers regarding prevention of diarrhoea, Educate the Mothers ...

Educate the Mothers Regarding Prevention of Diarrhoea   While working  in the diarrhoea clinic, ward or community, your major responsibility as a nurse is to educate mothers re

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