Consequently, understanding the percentage of completion method becomes critical. Many industries operate around fixed-price, point-of-sale billing, but that’s not always the case with construction. Because construction production is project-based, decentralized and long-term, contractors may use a wide range of billing styles and methods. Impact of Retainage on Cash Flow They can look at how much […]
Purchase & Purchase Return: Meaning, Accounting Treatment, Example
Recordings of these transactions should be following the debit and credit roles. For example, credit purchases should be an increase in credit as it is the liabilities. If those purchases are for inventories, then inventories accounts should be debited. The journal also includes the recordation date, the name of the supplier being paid, a source […]