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  2. Percentage-of-completion method - Wikipedia

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

    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

  3. FIFO and LIFO accounting - Wikipedia

    en.wikipedia.org/wiki/FIFO_and_LIFO_accounting

    FIFO and LIFO accounting are methods used in managing inventory and financial matters involving the amount of money a company has to have tied up within inventory of produced goods, raw materials, parts, components, or feedstocks. They are used to manage assumptions of costs related to inventory, stock repurchases (if purchased at different ...

  4. Operating expense - Wikipedia

    en.wikipedia.org/wiki/Operating_expense

    In throughput accounting, the cost accounting aspect of the theory of constraints (TOC), operating expense is the money spent turning inventory into throughput. [4] In TOC, operating expense is limited to costs that vary strictly with the quantity produced, like raw materials and purchased components.

  5. Cost of goods sold - Wikipedia

    en.wikipedia.org/wiki/Cost_of_goods_sold

    Costs of materials include direct raw materials, as well as supplies and indirect materials. Where non-incidental amounts of supplies are maintained, the taxpayer must keep inventories of the supplies for income tax purposes, charging them to expense or cost of goods sold as used rather than as purchased.

  6. Construction accounting - Wikipedia

    en.wikipedia.org/wiki/Construction_accounting

    These are all cost related to the construction process, right from materials, labor costs, consultancy and all management expenses. Construction accounting involves charging construction costs to the applicable contract. Costs fall into three categories. Direct costs are labor, material, and subcontracting costs, land. [2]

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  8. Cost accounting - Wikipedia

    en.wikipedia.org/wiki/Cost_accounting

    An important part of standard cost accounting is a variance analysis, which breaks down the variation between actual cost and standard costs into various components (volume variation, material cost variation, labor cost variation, etc.) so managers can understand why costs were different from what was planned and take appropriate action to ...

  9. A downtown Los Angeles building made famous as the setting of an album cover photo for the legendary rock band the Doors was heavily damaged after fire broke out Thursday morning. The building ...