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Accounting for long term contracts can be done in two ways: through the completed-contract method and the percentage of completion method. The choice between the two depends on the provisions of SOP 81-1 from the AICPA. The completed-contract method recognizes income only when the contract is completed or substantially completed. [1]
The percentage of completion method is used when: Collections are assured; The accounting system can: Estimate profitability; Measure progress toward completion. Losses are recognized in the year when they are discovered, the same way as for the completed contract method. The balance sheet presentation is the same as in the completed contract ...
Google also offers an extension for the Google Chrome web browser called Office editing for Docs, Sheets and Slides that enables users to view and edit Microsoft Office documents on Google Chrome, via Docs, Sheets and Slides apps. The extension can be used for opening Office files stored on the computer using Chrome, as well as for opening ...
The bird flu outbreak has taken concerning turns, with more than 60 human cases confirmed. Experts outlined four signs that the virus is going in the wrong direction.
Stanley is recalling 2.6 million mugs sold in the U.S. after the company received dozens of consumer complaints, including some users who reported getting burned and requiring medical attention ...
3. Could Improve Prostate Health. The prostate is a small gland located just below the bladder that helps with production. Prostate disease and treatment for prostate cancer are also possible ...
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