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Fields Construction decides to change from the completed-contract method to the percentage-of-completion method of recording construction projects. It also has a compensation plan for bonuses to supervisors for three percent of net income, which are retroactive for changes in prior years' net income. Discuss the direct and indirect effects of this change.
Contra Asset
An account listed in a company's balance sheet that is used to reduce the balance of a related asset account, showing the amount that effectively reduces the original asset's value.
Maturity
The time at which a financial obligation must be repaid or settled in full.
Notes Receivable
Financial assets representing amounts owed to a company by others, typically from loans or credit extended, evidenced by promissory notes.
Journal Entry
The form of recording a transaction in a journal.
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