a.
Percentage of Completion Method:
It refers to an accounting method in which revenues and expenses of a business on a long-term contract are calculated on the percentage of work done during an accounting period.
Completed Contract Method:
It refers to an accounting method used for a construction contract in which revenues are calculated when the work of the contract is completely done.
The cumulative effect after tax.
b.
Percentage of Completion Method:
It refers to an accounting method in which revenues and expenses of a business on a long-term contract are calculated on the percentage of work done during an accounting period.
Completed Contract Method:
It refers to an accounting method used for a construction contract in which revenues are calculated when the work of the contract is completely done.
To prepare:
c.
Percentage of Completion Method:
It refers to an accounting method in which revenues and expenses of a business on a long-term contract are calculated on the percentage of work done during an accounting period.
Completed Contract Method:
It refers to an accounting method used for a construction contract in which revenues are calculated when the work of the contract is completely done.
To prepare: The footnote for the accounting method change in the financial statement.
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