Briefly Explain How Gross Profit Is Recorded Under the Percentage-Of-Completion

question 45

Essay

Briefly explain how gross profit is recorded under the percentage-of-completion method of accounting for long-term construction projects. Also explain when this method should be used.

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Definitions:

Subpoena

A document commanding a person to appear at a certain time and place to give testimony concerning a certain matter.

Testify

To make a statement based on personal knowledge or belief, under oath in a court of law.

Main Part

The central or most important segment or component of something.

Address Block

The part of a letter that indicates to whom the letter is addressed. The address block is placed in the upper left-hand portion of the letter, above the salutation and reference line, if one is included.