The percent of revenue or completion method is a business accounting practice that allows a company to record costs and profits as the company works to complete a given contract. This system works ...

Accounting methods refer to the basic rules and guidelines under which businesses keep their financial records and prepare their financial reports. There are two main accounting methods used for ...

Revenues on long-term construction contracts are exceptions to the general rule that revenues should be recorded once earned, meaning that these revenues can be recorded throughout the time periods of ...

Discover how Dollar-Value LIFO works in inventory accounting, its advantages in inflationary times, and its impact on financial statements and tax savings.

The IRS has issued new guidance on automatic accounting method changes. Revenue Procedure 2009-39 provides certain additions, modifications and clarifications to Revenue Procedures 2008-52 and 97-27 ...

Accrual accounting is one of the primary accounting methods and is based on the matching principle, which dictates that revenues and their associated expenses be recorded in the same accounting period ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

Cash basis accounting records when cash actually changes hands in a transaction, providing a real-time view of your financial ...

Retail businesses have unique accounting challenges. Here's a guide that will get you through the basics. Many, or all, of the products featured on this page are from our advertising partners who ...