Percentage-of-completion is a method of accounting used in the construction industry to recognize revenue and expenses over the duration of a long-term project. This method allows for revenue and expenses to be recognized as work is completed, rather than waiting until the project is fully finished. By estimating the percentage of work completed at different stages of the project, construction companies can more accurately report their financial performance and provide a clearer picture of their profitability.In the context of construction, the percentage-of-completion method is essential for accurately reflecting the financial health of a project. It helps to avoid large fluctuations in revenue and expenses that can occur when using the completed-contract method, where all revenue and expenses are recognized only upon project completion. By recognizing revenue and expenses as work progresses
What is Percentage-of-Completion?
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