Percentage of Completion Method for Long Term Contracts (Financial Accounting Tutorial #51): In the last video I gave a quick overview of the methods that we may use depending on how our company is structured (IFRS of ASPE) (besides the installment method). I just wanted to quickly go through a problem and provide a template I used for determining revenue and gross profit. It's simple and quick and should help you when you are trying to figure out those numbers to record your journal entries.
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