Contract accounting : completed contract method
ID:CVCCE
Video Overview
The matching principle of accounting states that the revenue earned in a particular period must be matched against the costs incurred in that same period irrespective of whether cash has been received or paid. How does this work if a particular project spans over a period of more than one accounting year? This often happens in consturction companies where they are contracted to build certain structures, such as an office complex or a shopping mall. Contract accounting sets out tthe procedures and entries required to account for contracts. There are two methods for calculating and recording profits for a contact. In this tutorial we will discuss contract accounting - completed method.
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