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Remove Calculations into the Accounting Contract

Remove Calculations into the Accounting Contract

Aug 6th, 2022

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How to Remove Calculations into the Accounting Contract

4.8 out of 5

25 votes

This session focuses on the completed contract method, which is a key aspect of contract accounting. There are two main methods for accounting for long-term construction projects: the completed contract method and the percentage of completion method. Prior knowledge of the percentage of completion method is recommended for better understanding, as it allows for the recognition of some revenues and gross profit before project completion. The session emphasizes the importance of reviewing both methods to understand when to apply each and the implications of recognizing revenues under the percentage of completion method.

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