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In this video, the focus is on the percentage of completion method in accounting for recognizing revenue from long-term contracts. Unlike typical transactions where revenue is recognized upon the transfer of goods or services, long-term projects, such as building a bridge, allow for different approaches. Firms can either recognize revenue throughout the duration of the project using the percentage of completion method or wait until project completion, which is known as the completed contract method. The video explains these methods and their implications for revenue recognition in accounting practices.