"The pickle construction division was working on one project for the 2012 fiscal year they use the percentage of completion revenue recognition method" Essays and Research Papers

Sort By:
Satisfactory Essays
Good Essays
Better Essays
Powerful Essays
Best Essays
Page 1 of 50 - About 500 Essays
  • Satisfactory Essays

    correct decision about the revenue for the period. The percentage of completion method refers to the income earned by the contractor determined on the basis of progress of the contract. Under this method‚ current assets may include costs and recognized income not yet billed with respect to certain contracts. This method is most commonly used in the construction industry‚ where very long-term construction projects would otherwise keep a company from revealing any revenues or expenses on its financial

    Premium Project management Balance sheet Construction

    • 456 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Percentage of completion method a. 2013 2014 2015 2016 Construction costs Incurred to date $ 300‚000 $ 1‚400‚000 $2‚263‚000 $3‚100‚000 Estimated costs to complete 2‚200‚000 1‚400‚000 837‚000 — Total estimated costs $2‚500‚000 $ 2‚800‚000 $3‚100‚000 $3‚100‚000 Percent (%) completed 12% 50% 73% 100% Revenue to date $ 360‚000 $ 1‚500‚000 $ 2‚190‚000 $3‚000‚000 Revenue recognized —current $ 360‚000 $ 1‚140‚000 $ 690‚000 $ 810‚000b Construction expense

    Premium Generally Accepted Accounting Principles Accounts receivable Accounts payable

    • 370 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Methods of Revenue Recognition 1. The Accrual Method of Revenue Recognition The most common revenue recognition system is based on the accrual method. Under this approach‚ if the revenue recognition rules presented in the last section have been met‚ then revenue may be recognized in full. In addition‚ expenses related to that revenue‚ even if supplier invoices have not yet been received should be recognized and matched against the revenue. The name of this method does not imply that the revenue

    Premium Generally Accepted Accounting Principles Construction Project

    • 505 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Revenue recognition

    • 3869 Words
    • 16 Pages

    Statement Four Revenue recognition issues top the list of reasons for financial reporting restatements and one of the methods for creative accounting practices. Table of Contents Table of Contents 1 Introduction 3 Literature Review 4 Revenue recognition 4 Sale of goods 4 Rendering of services 5 Interest‚ royalties‚ and dividends 5 Creative Accounting 5 To meet internal targets 6 Meet external expectations. 6 Provide income smoothing. 6 Taxation 6 Change in management

    Premium Revenue International Financial Reporting Standards Financial statements

    • 3869 Words
    • 16 Pages
    Powerful Essays
  • Powerful Essays

    Revenue Recognition

    • 2678 Words
    • 11 Pages

    The issue of revenue recognition practices is an area that has received a lot of attention from regulators. Whenever there is a report of financial restatements or negative earnings‚ regulators pay extra attention to review the financial statements in order to verify that that there are not any indications of financial fraud or that the organization overstepped their boundaries in the area of managed earnings. The reason that regulators have taken a special interest in financial accounting and potential

    Premium International Financial Reporting Standards Financial Accounting Standards Board

    • 2678 Words
    • 11 Pages
    Powerful Essays
  • Good Essays

    The cost recovery method does not recognize any income on a sale until the cost of the item sold has been fully recovered through cash receipts. Once the seller has recovered all costs‚ any subsequent cash receipts are included in income. The cost recovery method is used when the uncertainty of collection of the sales price is so great that even use of the installment method cannot be justified. Under the cost recovery method‚ both revenues and cost of sales are recognized at the point of sale

    Premium Generally Accepted Accounting Principles Revenue

    • 477 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    revenue recognition

    • 1779 Words
    • 8 Pages

    financial reports of Apple‚ Inc. for the year ended September 25‚ 2010 +Concepts+ a. In your own words‚ define "revenues." Explain how revenues are different from "gains." b. Describe what it means for a business to "recognize" revenues. What specific accounts and financial statements are affected by the process of revenue recognition? Describe the revenue recognition criteria outline in the FASB’s Statement of Concepts No. 5. c. Refer to the Revenue Recognition discussion in Note 1. In general‚ when

    Premium Apple Inc.

    • 1779 Words
    • 8 Pages
    Powerful Essays
  • Satisfactory Essays

    Revenue Recognition

    • 530 Words
    • 3 Pages

    primary criteria the auditor should use in determining revenue to be recognized are: (1): persuasive evidence of an arrangement exists. (2): Delivery has occurred or services have been rendered. (3): The seller’s price to the buyer is fixed or determinable. (4): Collectability is reasonably assured. The most basic principle for revenue recognition is revenue has been realized or realizable and earned. B: (1) a: Multiple deliverable. Does the software and one year internet service has standard alone

    Premium Sales Marketing Customer service

    • 530 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Revenue Recognition

    • 13668 Words
    • 99 Pages

    University of Tennessee‚ United States Graduate Institute of Finance‚ National Chiao Tung University‚ 1001 Ta-Hsueh Rd.‚ Hsinchu City‚ Taiwan 30010 a r t i c l e i n f o Article history: Received 12 March 2012 Accepted 18 December 2012 Available online 29 December 2012 Jel classification: G34 G32 Keywords: Corporate governance Ownership Earnings informativeness Audit committee a b s t r a c t Policy makers around the world have focused on corporate governance reform since

    Premium Corporate governance

    • 13668 Words
    • 99 Pages
    Powerful Essays
  • Good Essays

    Revenue Recognition

    • 761 Words
    • 4 Pages

    The revenue recognition principle is a foundation of accrual accounting and one of the main principles of GAAP. The revenue recognition principle is a set of guidelines that helps accountants to identify when a revenue event has taken place and how to appropriately record cash exchanges before‚ during‚ and after the revenue event. According to the revenue recognition principal‚ revenue must (1) be realized or realizable and (2) earned‚ in order to be recognized. According to the SEC revenue is realized

    Premium Generally Accepted Accounting Principles Ethics Auditing

    • 761 Words
    • 4 Pages
    Good Essays
Previous
Page 1 2 3 4 5 6 7 8 9 50