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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
Example mechanical drawing. Here is an example of an engineering drawing (an isometric view of the same object is shown above). The different line types are colored for clarity. Black = object line and hatching; Red = hidden line; Blue = center line of piece or opening; Magenta = phantom line or cutting plane line
The accounting equation is a statement of equality between the debits and the credits. The rules of debit and credit depend on the nature of an account. For the purpose of the accounting equation approach, all the accounts are classified into the following five types: assets, capital, liabilities, revenues/incomes, or expenses/losses.
A common need in engineering drawings is to instruct the user to do activity X in accordance with technical standard Y. For example, "Weld all subassemblies IAW AWS XYZ.123" means "Weld all subassemblies in accordance with American Welding Society standard number XYZ.123" (the number is hypothetical in this example). The word "per" is ...
The construction documents, specifically the technical specifications, require the contractor to submit product data, samples, and shop drawings to the architect and engineer for approval. This is one of the first steps that is taken by the contractor after execution of the construction contract and issuance of the "Notice to Proceed".
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 ]
Constructability review is a process of reviewing design documents, construction drawings, specifications, and other construction documentation intended for use by a builder to construct the project. The purpose of a constructability review is to eliminate design errors, omissions, and coordination issues prior to bidding the documents so that ...
Example of a site plan. A plot plan. A site plan or a plot plan is a type of drawing used by architects, landscape architects, urban planners, and engineers which shows existing and proposed conditions for a given area, typically a parcel of land which is to be modified. Sites plan typically show buildings, roads, sidewalks and paths/trails ...