construction contracts Flashcards by mohan sundaram

Q

Construction accounting

A

Completed contracts percentage of completion

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Q

To complete and at complete

A

To complete means add billings at complete include everything

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Q

CIP

A

Inventory account

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Q

Percentage of Completion

A

cost incurred to date/total construction costs=percentage of completion X total profit/profit recognized to date- profit previously recognized

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Q

Total construction cost to complete. Estimate completion cost at comepletion

A

At complete is total. To complete is from today to complete. At complete is what we already spent

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Q

CIP

A

Inventory account current - CIP is cost incurred to date

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