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Simple English definitions for legal terms

percentage-of-completion method

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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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esoterica
21:30
I like northwestern law location a lot but I did a self guided tour there and this 3L I met told me that if I want to do public interest I shouldn't go there bc career services provides no support
MrThickRopes
0:37
I fukcking
MrThickRopes
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really loved this girk
MrThickRopes
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girl
MrThickRopes
0:38
but legislation preventented me from saying so
MrThickRopes
0:38
he is perfect. she would be perfect before m after, or diuring if he was in charge
1:10
is he perfect?
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love amirite
alexa play marvin gaye
globalcitizen
9:58
These are the kinda freaks collecting 100% disability , we work hard everyday to subsidize these buffoons
@ParallelAgreeableOrangutan: I am too that’s why I’m a Tulane crashout rn
18:54
yall we didn’t have to report if we were the complaining party in a criminal case right for character and fitness
18:55
omg i’m scared
18:56
like if i sued my ex for whoopin my azz
19:37
Red flag
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suing someone for being a little freaky 🤪 💀
19:39
LMAO CRAZY
19:40
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[deleted by esoterica]
13:51
@esoterica: thanks 🙏 it was a bad joke
how can I look up data on are applicants on here?
It depends how they phrased the question. Some questions just ask if you've ever been charged
starfishies
9:29
good morning
my message disapeared aw
starfishies
9:32
esoterica are u here lemme dm u if u are !
anyone who's waiting for cardozo get a date change in the status checker yday?
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