Ask Experts Questions for FREE Help!
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps
 
Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Accounting    Ask about another Subject  
 
PDA

sarnam
Jul 27, 2009, 09:21 AM
HI ALL
I am presently working on an accounting assignment. The topic is 'Revenue recognition".
If a contract is not completed in due course of time and there is a penalty levied on the contractor how and where do we account for this penalty?The method of computing the gross profit is 'Percentage of completion method'

Please help.