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An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm.
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
Significant litigation occurs on "account stated" issues where professional legal or medical services are involved, and the recipient of the services happens not to object in writing to bills allegedly sent and received. Professional services are required to be "reasonable and necessary" in amount by both law and ethical rules, yet these ...
In some instances, a contract may be exempt from CAS standards: Contracts awarded to small businesses are exempt from CAS, regardless of contract size. Any contract less than US$750,000 is always exempt. Any contract less than US$7.5 million is exempt, provided the company has not been awarded a contract greater than US$7.5 million in the past.
Soft Cost is a construction industry term but more specifically a contractor accounting term for an expense item that is not considered direct construction cost. Soft costs include architectural, engineering, financing, and legal fees, and other pre- and post-construction expenses. [1]
A management contract is an arrangement under which operational control of an enterprise is vested by contract in a separate enterprise that performs the necessary managerial functions in return for a fee. Management contracts involve not just selling a method of doing things (as with franchising or licensing) but actually doing them. A ...
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An invoice, bill or tab is a commercial document issued by a seller to a buyer relating to a sale transaction and indicating the products, quantities, and agreed-upon prices for products or services the seller had provided the buyer.