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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
Resources, events, agents (REA) is a model of how an accounting system can be re-engineered for the computer age.REA was originally proposed in 1982 by William E. McCarthy as a generalized accounting model, [1] and contained the concepts of resources, events and agents (McCarthy 1982).
Examples of common financial accounts are sales, accounts [1] receivable, mortgages, loans, PP&E, common stock, sales, services, wages and payroll. A chart of accounts provides a listing of all financial accounts used by particular business, organization, or government agency.
A third definition of service concerns the perceived service as consisting of physical facilitating goods, explicit service and implicit service. [6] In this case the facilitating goods are the buildings and inventory used to provide the service. For example, in a restaurant the facilitating goods are the building and the food.
An accounting information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers.An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
Service level measures the performance of a system, service or supply. Certain goals are defined and the service level gives the percentage to which those goals should be achieved. Examples of service level: Percentage of calls answered in a call center; Percentage of customers waiting less than a given fixed time
In project management, level of effort (LOE) is a support-type project activity that must be done to support other work activities or the entire project effort.It usually consists of short amounts of work that must be repeated periodically.
In computerized accounting systems with computable quantity accounting, the accounts can have a quantity measure definition. Account numbers may consist of numerical, alphabetic, or alpha-numeric characters, although in many computerized environments, like the SIE format , only numerical identifiers are allowed.