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Version2 August 2012New York City Department for the Aging
Michael R. Bloomberg, Mayor
William BarriosPaoli, Commissioner1WELCOME TO CONTRACT ACCOUNTING MANAGEMENT SYSTEM ONLINE
INVOICE
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What is welcome to contract accounting?
Welcome to contract accounting is a method of accounting used by manufacturers and contractors to recognize revenue and expenses based on the percentage of completion of a project.
Who is required to file welcome to contract accounting?
Entities engaged in long-term contracts or projects that span multiple accounting periods are required to file welcome to contract accounting.
How to fill out welcome to contract accounting?
To fill out welcome to contract accounting, one must track the progress of a project, calculate the percentage of completion, and recognize revenue and expenses accordingly.
What is the purpose of welcome to contract accounting?
The purpose of welcome to contract accounting is to provide a more accurate representation of a company's financial position by matching revenue and expenses to the period in which they are incurred.
What information must be reported on welcome to contract accounting?
On welcome to contract accounting, one must report the contract value, costs incurred to date, estimated costs to complete, revenues recognized, and percentage of completion.
What is welcome to contract accounting?
Welcome to contract accounting is a method of accounting that focuses on recognizing revenue and expenses as they are incurred, rather than when payments are received or made.
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