Question: explain how long-term construction contracts are accounted for and some of the issues that are faced for financial reporting purposes. Please also select, whenever possible,

explain how long-term construction contracts are accounted for and some of the issues that are faced for financial reporting purposes. Please also select, whenever possible, a different topic than your classmate has taken in order to avoid duplication of answers.

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Longterm construction contracts are typically accounted for using one of two primary methods the PercentageofCompletion method and the CompletedContract method Choosing between these methods and prope... View full answer

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