Bookkeeping – Percentage of Completion Method (Lesson 74)

Percentage of Completion

In project accounting there are two different methods of accounting used. The first is the completed contract method which is explained in more detail in Lesson 75. The second and the focus of this lesson is the percentage of completion method of accounting. This method is an advanced skill for accountants and requires knowledge of its proper application along with a new type of control account called work in process or work in progress.

This content is for Bronze, Silver, One-Time and Contractor’s Diagnostic members only.
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