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How is revenues recognized under construction accounting?

Construction Accounting Property Accounting
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Question added by Abdullah Mahhaden, CFA, CPA , Assurance Manager , Grant Thornton
Date Posted: 2013/06/17
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Ravi Chhantel
by Ravi Chhantel , Assistant Finance Manager , Tiger Palace Resort

Revenue for an financial year  is recognised based on percentage of completion of contracts.i.e;revenue = % of completion of contract  * total revenue of contract

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