How is revenues recognized under construction accounting?

Start networking and exchanging professional insights

Next Question:
Under the allowance method of recognizing uncollectible accounts, the entry to w...
Posted by:
Moataz Ali Sobhi
13-February-2015

Construction Accounting Property Accounting

Question added by Abdullah Mahhaden, CFA, CPA , Assurance Manager , Grant Thornton
Date Posted: 2013/06/17

Upvote (0) Views (2) Followers (0) Answers (1) Report Question

Write an Answer
Register now or log in to answer.

1 Answers

by Ravi Chhantel , Assistant Finance Manager , Tiger Palace Resort

Revenue for an financial year is recognised based on percentage of completion of contracts.i.e;revenue = % of completion of contract * total revenue of contract

Upvote (0)

Downvote Reply () Report

More Questions Like This

How to Recognize Revenue in Project Accounts?
Top Answer: <p>It depends upon the Revenue recognistion model you follow for perticular business unit.</p> ... See More

Answers (4)
When is revenue recognized ?
Top Answer: Revenue should be recognized monthly based on the invoice or receipt for the period i.e if you invoice a ... See More

Answers (4)
Is there really a branch of accounting called "Construction Accounting"?
Top Answer: <p>Accounting is only two types1) Financial Accounting &2) Cost Accounting.There is no bran ... See More

Answers (2)
What are the entries in construction accounting when a contract is signed? What are the entries when a percentage of completion invoice is created?
Top Answer: Ott Builders, Inc. has consistently used the percentage of- completion method of accounting for construct ... See More

Answers (2)

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.

Get Help

Products By Bayt.com

Use Our Mobile App

Start networking and exchanging professional insights

How is revenues recognized under construction accounting?

Popular Searches

More Questions Like This