FAR Ch 6

0.0(0)
Studied by 0 people
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/3

encourage image

There's no tags or description

Looks like no tags are added yet.

4 Terms

1
New cards

Question 19 Steps

  1. Calculate percentage of completion and use to find revenue and gross profit


2
New cards

6-19: What balance sheet accounts are used when making a PARTIAL balance sheet for construction in progress?

CIP (Construction in progress): Costs incurred + Recognized profit (DO NOT INCLUDE LOSS)
minus Billings

CIP in Excess of Billings

3
New cards

What 5 journal entries are needed when performing construction in progress?

  1. Recording costs

  2. Recording BILLINGS

  3. Recording COLLECTIONS

  4. Recording REVENUE (revenue = cip + cost)

  5. Recording LOSS


4
New cards

blank card

teehee