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LSDefine

Simple English definitions for legal terms

percentage-of-completion method

Read a random definition: Near v. Minnesota (1931)

A quick definition of percentage-of-completion method:

The percentage-of-completion method is a way of keeping track of how much work has been done on a project and how much money should be recognized as revenue. It means that revenue is recognized gradually as the project is completed. This is different from other accounting methods that only recognize revenue when money is received or expenses are paid out. It helps companies to accurately report their financial status and make better business decisions.

A more thorough explanation:

The percentage-of-completion method is an accounting method used to determine revenue recognition gradually during the completion of a contract. This means that revenue is recognized as the work progresses, rather than waiting until the project is complete.

Let's say a construction company is building a new office building for a client. The total contract price is $10 million, and the project is expected to take two years to complete. After the first year, the company has completed 50% of the project, and the client has paid $4 million. Using the percentage-of-completion method, the company would recognize $5 million in revenue for the first year (50% of the total contract price), even though they have only received $4 million in payment.

This method is used to provide a more accurate representation of a company's financial performance over time, rather than waiting until the end of a project to recognize all revenue at once.

percentage lease | percentage order

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TGM
18:23
How long can I delay sending my fall grades if they hurt my GPA? I’m still waiting on decisions and ideally I’m hoping they decide BEFORE seeing my new grades
TGM
18:27
dropped my GPA below median for a couple of schools I’m applying to, when I was above median before
Dkk
18:32
@TGM: Not long enough to get another transcript to recover.
Dkk
18:33
Honestly you could just wait until someone actually asks for your fall grades. Who knows.
Dkk
18:34
@wigwav: It looks like if below medians it will not help but If applying in November it seems you are still middle of the cycle.
18:34
@wigwav: nah
TGM
18:34
like am I expected to send it unprompted or can I wait until a school requested it
Dkk
18:35
@TGM: Expected to send it unprompted but you can wait and see.
18:36
Is your LSAT also below median?
TGM
18:37
It’s above median, but I’m applying T6 with unimpressive softs, so even with a good LSAT it’s tough
texaslawhopefully
18:38
Yeah, then I would just wait as long as you can to send it
texaslawhopefully
18:38
For like HLS at least, if you wait till J6 then you may already have a decision
TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
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