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Construction accounting is a vitally necessary form of accounting, especially when multiple contracts come into play. The construction field uses many terms not used in other forms of accounting, such as "draw" and progress billing . [ 1 ]
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
Construction is a process that consists of the creation, modification, or demolition of facilities, buildings, civil and monumental works, and infrastructure. Construction cost - the total cost to construct a project. This value usually does not include the preplanning, site or right of way acquisition, or design costs, and may not include ...
Harvesting is the process of collecting plants, animals, or fish (as well as fungi) as food, [1] especially the process of gathering mature crops, and "the harvest" also refers to the collected crops. Reaping is the cutting of grain or pulses for harvest, typically using a scythe, sickle, or reaper. [2]
Job costing (known by some as job order costing) is fundamental to managerial accounting. It differs from Process costing in that the flow of costs is tracked by job or batch instead of by process. job cost is done for one single product The distinction between job costing and process costing hinges on the nature of the product and, therefore, on the type of production process:
It is most literally work done with the hands (the word manual coming from the Latin word for hand) and, by figurative extension, it is work done with any of the muscles and bones of the human body. For most of human prehistory and history, manual labour and its close cousin, animal labour , have been the primary ways that physical work has ...
While costs are added to the construction in progress, related CIP account is debited with corresponding credits to accounts payable, accrued expenses, inventory, cash, and others. When the construction in progress is completed, related long-term asset account is debited and CIP account is credited.
High grading is a practice of selectively harvesting fish so that only the best quality fish are brought ashore. The practice is popular in situations under individual fishing quotas where only a limited number of fish are allowed to be harvested. Following the letter, but not the spirit of the law, fish are caught, and if not considered ...