Profit and Loss

A standard financial statement also known as the income statement, statement of financial position, or revenues in excess of expenses.

Completed Contract Method of Accounting in the Construction Industry

The completed contract method of accounting recognizes revenue and the associated costs once the project is complete.  This is one of the two popular accounting methods used in the construction industry.  For residential contractors, the completed contract method has a tax advantage by deferring revenue recognition but is generally not considered the best method of …

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