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Simple English definitions for legal terms

completed-contract accounting method

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A quick definition of completed-contract accounting method:

The completed-contract accounting method is a way of reporting profit or loss on certain long-term contracts by recognizing gross income and expenses in the tax year that the contract is completed. This means that the income and expenses are only recorded when the project is finished, rather than as they occur. It is one of several accounting methods used to determine income and expenses for tax purposes, including accrual accounting, cash-basis accounting, and percentage-of-completion method.

A more thorough explanation:

The completed-contract accounting method is a system for reporting profit or loss on certain long-term contracts by recognizing gross income and expenses in the tax year that the contract is completed.

For example, if a construction company signs a contract to build a new office building and the contract takes three years to complete, the completed-contract accounting method would recognize all the income and expenses related to the project in the year that the building is finished.

This method is different from the percentage-of-completion method, which recognizes revenue gradually during the completion of the subject matter of the contract.

The completed-contract accounting method is commonly used in the construction industry and other industries that involve long-term contracts.

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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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