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1. www.financestrategists.com › accounting › managementContract Accounting: Practical Problems and Solutions

   www.financestrategists.com › accounting › management

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   Apr 11, 2023 · Learn about the practical problems and solutions accountants face when it comes to contract accounting. Read this article for more information.

2. www.financestrategists.com › accounting › costContract Account | Definition, Format, Treatment, and Examples

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   Mar 3, 2023 · What Is a Contract Account? When a contractor has accepted a contract, a separate account is opened for each contract, bringing together all the costs relating to a particular contract. A serial number is assigned to each contract, which is known as a contract account. Explanation of Contract Account

   • Debit elements of a contract account include materials, direct Wages, direct expenses, indirect expenses, plant and machinery, profit on sale of pl...
   • The retention money has to be retained by the contractor until the completion of work. This is because, per terms agreed in the contract agreement,...
   • Financial lease instruments are long-term debt obligations that have characteristics of both loans and leases. A financial lease transfers most or...
   • A separate 'contract account' is prepared for each contract for the purpose of costing. All costs related to a particular contract are also charged...

3. Videos

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     Offer, Acceptance, and Agreement in Contract Law Explained - Part I: The Offer

     Apr 8, 2021

     7.9K Views

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     Offer, Acceptance, and Agreement in Contract Law Explained - Part III: The Acceptance

     Apr 8, 2021

     2.9K Views

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     Offer | Proposal | Essentials of valid Offer | Indian Contract Act | With Examples and Caselaws

     Sep 19, 2020

     75.4K Views

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4. viewpoint.pwc.com › dt › ukLong-term contract accounting – common mistakes - Viewpoint

   viewpoint.pwc.com › dt › uk

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   Key points. This In brief applies to all entities that enter into long-term contracts for revenue recognition. Set out below are some of the common mistakes and challenges we see in accounting for long-term contracts. What is the issue? Entities across many industries recognise revenue under IFRS 15 in long-term contracting arrangements.

5. www.accaglobal.com › gb › enIFRS 15 – Contract Assets and Contract Liabilities | ACCA Global

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   IFRS 15 is a complex standard and since its introduction, the FR examining team at ACCA has become aware of some confusion regarding the accounting treatment of certain elements of IFRS 15. In particular, how to account for contract assets and contract liabilities.

6. www.iasplus.com › en › standardsIAS 11 — Construction Contracts - IAS Plus

   www.iasplus.com › en › standards

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   IAS 11 provides requirements on the allocation of contract revenue and contract costs to accounting periods in which construction work is performed.

7. assets.ey.com › content › damUS GAAP Accounting for Long-Duration Contracts Modeling - EY

   assets.ey.com › content › dam

   We cover some key considerations such as specific data requirements, impact on assumption management and disclosures. This article is not meant to be exhaustive; we aim to provide a general overview of key considerations and potential pitfalls for the modeling actuary. Modeling implications of MRBs.

8. People also ask

   What is an offer in a contract?

   • An offer is actually a type of promise in exchange for another party’s specific performance. To be valid for the purposes of a contract, an offer needs to be communicated to the other party, and the other party must have a chance to either accept or reject the offer. Once made, an offer can be easily withdrawn prior to acceptance.

   Offer, acceptance and consideration in contract negotiations

   www.gammilllaw.com/blog/2019/01/offer-acceptance-and-consideration-in-contract-negotiations/

   See all results for this question

   Should a'series' of construction contracts be included in accounting policies?

   • This judgement should be explained in the entity’s accounting policies. Input methods using costs might be common in traditional construction contracts, but other methods might be more appropriate for other types of long-term contracts in particular where they meet the definition of a ‘series’.

   Long-term contract accounting – common mistakes - Viewpoint

   viewpoint.pwc.com/dt/uk/en/pwc/uk_in_briefs/PwC-UK-in-briefs/PwC-UK-in-briefs/long-term-contract-accounting-common-mistakes.html

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   What is a contract account?

   • A serial number is assigned to each contract, which is known as a contract account. All expenses incurred in fulfilling a contract (e.g., materials, wages, direct expenses, cost of sub- contracts, cost of special plants, and indirect expenses) are debited to a contract account.

   Contract Account | Definition, Format, Treatment, and Examples

   www.financestrategists.com/accounting/cost-accounting/material-costing/contract-account/

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   What should a contract cost include?

   • Contract costs should include costs that relate directly to the specific contract, plus costs that are attributable to the contractor's general contracting activity to the extent that they can be reasonably allocated to the contract, plus such other costs that can be specifically charged to the customer under the terms of the contract.

   IAS 11 — Construction Contracts - IAS Plus

   www.iasplus.com/en/standards/ias/ias11

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   What is a contract price?

   • The contract price is the agreed price at which the contractor undertakes to execute the contract. The contract account is credited with the contract price if it has been completed. In such a case, the amount of contract price is debited to the contractee's personal account and credited to the contract account.

   Contract Account | Definition, Format, Treatment, and Examples

   www.financestrategists.com/accounting/cost-accounting/material-costing/contract-account/

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   Which expenses are debited to a contract account?

   • All expenses incurred in fulfilling a contract (e.g., materials, wages, direct expenses, cost of sub- contracts, cost of special plants, and indirect expenses) are debited to a contract account. Similarly, expenses accrued or outstanding on the contract at the end of the accounting period are also debited to the contract account.

   Contract Account | Definition, Format, Treatment, and Examples

   www.financestrategists.com/accounting/cost-accounting/material-costing/contract-account/

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9. www.gammilllaw.com › blog › 2019Offer, acceptance and consideration in contract negotiations

   www.gammilllaw.com › blog › 2019

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   An offer is actually a type of promise in exchange for another party’s specific performance. To be valid for the purposes of a contract, an offer needs to be communicated to the other party, and the other party must have a chance to either accept or reject the offer.