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What are the procedures followed during a trial?
Percentage of Completion
Percentage of completion is an accounting method used to recognize revenue and expenses of long-term projects proportionally to the work completed.
Realizable Revenue
The amount of revenue that is considered to be collectible from goods sold or services rendered.
Revenue Recognition
The accounting principle that income should be reported in the accounting period when it is earned, regardless of when the cash is received.
Percentage of Completion
An accounting method used to recognize revenues and expenses of long-term contracts as a percentage of work completed during the period.
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