How to account for revenue on a long-term contract over time, Cost Accounting

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How to account for revenue on a long-term contract over time

Response to the following :

1. Explain how to account for revenue on a long-term contract over time as opposed to at a point in time. Under what circumstances should revenue be recognized at the point in time a contract is completed?

2. Periodic billings to the customer for a long-term construction contract are recorded as billings on construction contract. How is this account reported in the balance sheet?

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Cost Accounting: How to account for revenue on a long-term contract over time

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Cost Accounting: How to account for revenue on a long-term contract over time

Reference No:- TGS02091328

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