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Inland Revenue Staff Federation ended in 1996.

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11y ago

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If an adjusting entry were not made at the end of a period to remove the earned revenue from the unearned revenue account?

That would mean that the liabilities would be understated.


Closing the temporary accounts at the end if each accounting period?

give the revenue and expense accounts zero balance


Is posting from a revenue journal to the customer account normally only done at the end of the month?

no it is done on a regular basis


How is revenue in percentage of completion method computed?

Revenue is calculated as a percent of the total contract revenue according to the percent of completion. The percent of completion as calculated as the incurred costs up to the end of the reporting period to the total estimated cost for the contract. Simply it is : Incurred costs up to date ــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ X Total Contract Revenue Total Estimated cost


What should appear on the year-end information reporting form sent to the service providers and Internal Revenue Service?

iiu