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What factors influence choosing percentage of completion and completed contract method methods of accounting for long term construction contract?
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∙ 11y ago
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∙ 11y ago
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When comparing the percentage of completion and completed contract method of accounting for long term construction contract both methods will report the same?
yes they will
What if the construction project which use percentage of completion method ended in the middle of accounting period?
What if what?Just like any other period, the percentage amount attributable to being completed in the period is recorded.
Difference between Percentage of Completion method and Completed Contract method?
Difference between Percentage of Completion method and Completed Contract method?
When will the construction of the International Space Station be completed?
scheduled for completion by mid-2012
Are the percentage of completion and completed contract method methods of accounting for long term construction contract reporting the same amount of income in the year of completion?
At the end of the contract the same amount will have been recognized under both methods for the entire period of the contract. However, the final year of the contract will not usually be the same under both methods. In other words, if a contract spans 2 years, the percentage completion will pick up part of the income in year one and part in year 2. The combined total picked up in both years under percentage completion will be the amount reported under completed contract in year 2 (nothing will be picked up in year 1).
How do you find out the completion percentage of a QB?
passes completed / total passes thrown x 100
What is Percentage of completion method?
This is an accounting method normally used in construction of projects. As a projects moves forward towards completion a company would keep up with the cost expended at a point in time,the percentage of the job completed, and the profit at that same point in time. It aids a company if they bid the project correctly such as material and labor and expected profit at that point in time. This is critical to make sure you are on tract to make your expected profit. This will give you time to make adjustment during the construction cycle. If your material bid is correct and you labor cost is high, that tells you that the crew is not working timely.
What is the mathematical formula to calculate the percentage of completion?
mumber completed/total number then multiply by 100 Say you complete 6 questions out of 10 that is 6/10 x 100 = 60% completion
Classification by method of approach final or completed audit?
the complies that the audit is carried through to completion in one continuous., although it may be commenced before the end of the accounting period.
What is a completion bond?
Completion bond is a financial contract that insures a given project will be completed even if the producer runs out of money, or any measure of financial or other impediment occurs during the production of the project. Basically completion bonds are used in construction projects and films industry.
What is the meaning of ceritficate of completion?
Document certified by an architect and/or an engineer that a certain construction project has been completed in accordance with the terms, conditions, and specifications contained in the job contract.
What is Ptc in football stats?
There is no Ptc stat. Do you mean Pct or Pts? Pct - Percent of Completed Passes (aka Completion Percentage) Pts - Total Points
