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Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).
Proof of concept testing of oil cleanup equipment. Proof of concept (POC or PoC), also known as proof of principle, is a realization of a certain idea, method or principle in order to demonstrate its feasibility, [1] or viability, [2] or a demonstration in principle with the aim of verifying that some concept or theory has practical potential.
POC most commonly refers to: Person of color or people of color; Proof of concept, used to demonstrate the feasibility of an idea; Point of contact, in an organization;
Both the material and the abbreviation are obsolete, or nearly so. Spell out the words if this material is to be mentioned at all in modern drawings. W/I, w/i: within: A little-used abbreviation. Better to spell out for clarity. WSP: Welded steel pipe: Commonly used with cement mortar lining (see "CMC, CML, CML&C") W/O, w/o: without
MDT – modular formation dynamic tester, a tool used to get formation pressure in the hole (not borehole pressure which the PWD does). MDT could be run on Wireline or on the Drill Pipe; MDR – mud damage removal (acid bullheading) MEA – monoethanolamine; MEG – monoethylene glycol; MEIC – Mechanical Electrical Instrumentation Commission
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The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. EPC companies are often used in large-scale projects, such as power plants, refineries, chemical processing facilities, infrastructure projects, and ...
Klint Kubiak will replace Ryan Grubb in Seattle after the former Washington Huskies assistant was fired earlier this month. (Derick E. Hingle/Getty Images) (Derick E. Hingle via Getty Images)