A company approprieatley uses completed contract method for longterm constructio. when is revenue recognized?
Answer:
Uner the completed contract method expenses and revenues are recongized when the project is either finished, or very close to completion. Books are updated only at the end.
Work on the business plan and make reasonable assumptions, test them, them draw the charts. The best data looking forward are based on past data.
chart them as you go along and judge it from the past performances.
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