Explain the Contract Period within Fiscal Year. Give an example.
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Explain the Contract Period within Fiscal Year. Give an example.
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- Demonstrate revenue recognition for long-term contracts, both at a point intime when the contract is completed and over a period of time according to thepercentage completed.Explain how to account for revenue on a long-term contract over time as opposed to at a point in time. Under what circumstances should revenue be recognized at the point in time a contract is completed?Define the term fiscal year.
- Using the percentage-of-completion method, prepare schedules to compute theprofit or loss to be recognized as a result of this contract and all the necessaryjournal entriesExplain the revenue recognition process when a performance obligation is satisfied over time according to IFRS 15-Revenue from Contracts with Customers.Periodic billings to the customer for a long-term construction contract are recorded as billings on constructioncontract. How is this account reported in the balance sheet?
- When is an estimated loss on a long-term contract recognized, both for contracts that recognize revenue over time and those that recognize revenue at the point in time the contract is completed?Assuming the requirements for recognizing revenue over time are met, the profit to be recognized in any year is based on the completion ratio of: incurred contract costs divided by estimated total contract costs. incurred contract costs multiplied by estimated total contract costs. estimated total contract costs divided by incurred contract costs. estimated total contract costs multiplied by incurred contract costs.which of the following items does accounts receivable include a. money paid for labor and received for services b. accounts receivable aging report c. state unemployment insurance d. overhead should include costs directly associated with a particular project, such a material and specific projects payroll
- example of Payroll report for project ?Identify the proper accounting for losses on long-term contracts.Access the FASB’s Codification Research System® at the FASB website (www.fasb.org) and select Basic View. Determine the specific seven-digit (XXX-XX-XX) or eight-digit Codification citation (XXX-XX-XX-X) for accounting for each of the following items: Definition of initial direct costs. When a modification to a contract is reported as a separate contract (that is, separate from the original contract). The disclosures required in the notes to the financial statements for a lessor. The classification criteria for when a lessee classifies a lease as a finance lease and a lessor classifies a lease as a sales-type lease.