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Simple English definitions for legal terms

completed-contract accounting method

Read a random definition: Consumer Credit Protection Act

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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1a2b3c4d26z
17:09
evol style
1a2b3c4d26z
17:09
Jk dont do that
shaquilleoatmeal
17:09
Use that bowl size to guess, I’ll give you a hit, protein fuckin packed
1a2b3c4d26z
17:09
which garmin do you have?
1a2b3c4d26z
17:10
If that pic is of you
Kendrick album so good, I wasn't even focused on admissions today
oh i was just lisenting to him on the car ride hnome
awman i was hopign to come home to a ucla wave
is it too late? its 2pm there
OMG U MEAN A NEW ALBUM OMGG NOW I CAN BE DISTRACTED AGAIN
shaquilleoatmeal
17:14
Nah not a Garmin, Apple watch
We not gonna see splitterus for 4 hrs
HAHAHAHHA
MRS CLITTERUS
JumpySubsequentDolphin
17:17
I’ve barely gotten through chromakopia I can’t deal with another album drop rn
JumpySubsequentDolphin
17:17
this is so stressful
wait but actually is there no wave today
i dont really like chromakopia that much i also havent gotten thru it
JumpySubsequentDolphin
17:18
idk splitty :(
if there's no gtown today that would be so cruel
surely gtown 12 minutes from now
I'm a chromokopia fan, but I don't like Tyler outside of that album
theres the spirit!!
JumpySubsequentDolphin
17:18
@SplitterusClitterus: did you like cmiygl? that’s one of my all time fave albums
Kind of a controversial take. I like experimental albums a lot
babycat
17:19
liking chromakopia and not Tyler's other stuff is crazy to me
JumpySubsequentDolphin
17:19
perhaps im biased bc i saw him live when he performed cmiygl for the first time
i think it is a controverisal take and i usually do too, i also think im giving an opinion too early cuz i habvent finished it at all
yeah seeing him live prob makes it a million times better
Thought I was dead is great raps
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