<P> Accounting for long term contracts can be done in two ways : through the completed - contract method and the percentage of completion method . The choice between the two depends on the provisions of SOP 81 - 1 from the AICPA . The completed - contract method recognizes income only when the contract is completed or substantially completed . </P>
<P> Accounting for long term contracts can be done in two ways : through the completed - contract method and the percentage of completion method . The choice between the two depends on the provisions of SOP 81 - 1 from the AICPA . The completed - contract method recognizes income only when the contract is completed or substantially completed . </P>
when is revenue recognized under the completed-contract method
when is revenue recognized under the completed-contract method
only when the contract is completed or substantially completed
only when the contract is completed or substantially completed