Construction Accounting

Question 1

completed contracts

Answer 1

are only in US GAAP

Question 2

Percentage of completion method

Answer 2

both US GAAP and IFRS

Question 3

Percentage of Completion Formulae

Answer 3

Cost Incurred/total expected cost, work done/total expected work=percentage of job done

Question 4

Estimated Loss

Answer 4

When estimating total estimated loss any gross profit or loss adjusted int he previous years is adjusted too