Want this question answered?
Drafting
The principal advantage of the completed-contract method is that
Difference between Percentage of Completion method and Completed Contract method?
Flat patterning and pattern drafting are different terms for the same thing.
A con of the completed contract method of accounting is that nothing is noted in the ledger until the contract is completed. A pro is that there will be less paperwork in accepting partial payments.
When reliability is concerned then ICCP method is superior but when overhead cost incurred in installation and maintenance is concerned then sacrificing anode method is better than ICCP method. When reliability is concerned then ICCP method is superior but when overhead cost incurred in installation and maintenance is concerned then sacrificing anode method is better than ICCP method.
Contract bridge.
The cost-ratio method, which uses the ratio of actual contract costs incurred during the reporting period to total estimated contract costs.
task order contract
For making drafting process easier and also ensure thoroughness and accuracy of writing document
As the percentage of completion method requires definite receipts but estimated costs so this method is not advisable when receipts of contract are not given. In this scenario there generally appears no contract so it must be the case of a builder who intends to sell the constructed completed project after incurring self costs. In such situations the completion method suits the best.In case the project has been finalised with fixedcontract price and the contractor has his own estimated costs or else the contractor/ builder has entered into contract with various parties ( the prospective buyers) , in advance( before commencing the project/ billing etc.,), with sure receipts then the percentage of completion method is better to be adopted.
According to their annual report, Target generally uses the accelerated depreciation method.