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2. Percentage-of-completion method - Wikipedia

   en.wikipedia.org/wiki/Percentage-of-Completion...

   Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).

3. Completed-contract method - Wikipedia

   en.wikipedia.org/wiki/Completed-contract_method

   The Completed-contract method is an accounting method of work-in-progress evaluation, for recording long-term contracts. GAAP allows another method of revenue recognition for long-term construction contracts, the percentage-of-completion method. With this method, revenue is recognized when the contract is fulfilled.

4. Construction accounting - Wikipedia

   en.wikipedia.org/wiki/Construction_accounting

   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]

5. Construction in progress - Wikipedia

   en.wikipedia.org/wiki/Construction_in_Progress

   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. [1]

6. Schedule of values - Wikipedia

   en.wikipedia.org/wiki/Schedule_of_values

   A Schedule of Values (SOV) is a detailed schedule apportioning the original contract sum and all change orders, among all cost code divisions or portions of the work. The Schedule of Values shall be based on the approved budget or the approved Fixed Price, or GMP, Cost-Plus Contract type as applicable.

7. Lump sum contract - Wikipedia

   en.wikipedia.org/wiki/Lump_sum_contract

   Typical Lump Sum Contract Structure. A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance. [1]