Tuesday, February 4, 2014

Lesson 5 P2: Construction Accounting - Notes

Construction Contracts
1. Fixed Price Contract
2. Cost Plus Contract = reimburse costs plus a percentage of profit

Methods of Construction Accounting
A. Percentage of Completion

*If computation for Estimated Gross Profit turns out to be a loss, recognize the loss 100% as a Loss earned this year.

B. Cost Recovery Method/Hybrid/Zero-Profit Approach = recognize all costs before any profit.
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