construction contracts Flashcards
1
Q
Construction accounting
A
Completed contracts percentage of completion
2
Q
To complete and at complete
A
To complete means add billings at complete include everything
3
Q
CIP
A
Inventory account
4
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
5
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
6
Q
CIP
A
Inventory account current - CIP is cost incurred to date
