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7 Cards in this Set
- Front
- Back
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Percentage of completion |
Use the chart to help out. It's the best tool |
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Percentage of completion accounts |
Cip, expensesAccounts receivable, billings on cipCash, accounts receivableCip gross profit, construction expense, revenue from long term contract |
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Percentage of completion income statement |
Revenue from long term contracts Cost of construction Gross profit |
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Percentage of completion balance sheet |
Current assets Accounts receivable Inventory Construction in process Less: billings Costs and recognized profit in , excess of billings |
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Completed contract method |
Profit recognized at the end of contact |
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Completed contract method accounts |
Billings on cip, revenue from long term contracts Cost of construction, construction in process |
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Loss on contacts |
For a whole contact loss both ways recognize the lots on the period it occurs. For just a year loss only for percentage method would you recognize the loss in the period. |
