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Some of these were similar to accounting ledger paper. They became known as green sheets or spreadsheets. With the advent of computers in business, estimators began using spreadsheet applications like VisiCalc, Lotus 1-2-3, and Microsoft Excel to duplicate the traditional tabular format, while automating redundant mathematical formulas. [2] [3]
The accounting for long term contracts using the percentage of completion method is an exception to the basic realization principle. This method is used wherein the revenues are determined based on the costs incurred so far. The percentage of completion method is used when: Collections are assured; The accounting system can: Estimate profitability
COBie has been incorporated into software for planning, design, construction, commissioning, operations, maintenance, and asset management. COBie may take several approved formats include spreadsheet, STEP-Part 21 (also called IFC file format), and ifcXML. The current COBie test data of record was developed by an international team of designers ...
The 16 Divisions of construction, as defined by the Construction Specifications Institute (CSI)'s MasterFormat, is the most widely used standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada.
MasterFormat is a standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada. [1] Sometimes referred to as the "Dewey Decimal System" of building construction, MasterFormat is a product of the Construction Specifications Institute (CSI) and Construction Specifications Canada (CSC).
For construction contractors or construction managers it is important to track and compile past data of trends, completed projects, production factors, equipment changes, and various labor markets. [32] Sample labor norms. The labor requirements are often the most variable and are a primary focus of construction cost estimators.
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The Completed-contract method is an accounting method of work-in-progress evaluation, for recording long-term contracts. GAAP allows another method of revenue recognition for long-term construction contracts, the percentage-of-completion method. With this method, revenue is recognized when the contract is fulfilled.
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