Batting average - Revision history

en>BG19bot: /* Leading Test batting averages ranked in order of average */WP:CHECKWIKI error fix for #64. Do general fixes if a problem exists. - using AWB (10497)

2014-12-04T06:26:06Z

Leading Test batting averages ranked in order of average: WP:CHECKWIKI error fix for #64. Do general fixes if a problem exists. - using AWB (10497)

Show changes

en>Mindmatrix: update per http://stats.espncricinfo.com/ci/content/records/282910.html ;

2014-02-28T16:11:28Z

update per http://stats.espncricinfo.com/ci/content/records/282910.html ;

← Older revision		Revision as of 18:11, 28 February 2014
Line 1:		Line 1:
	'''Percentage of Completion''' ('''PoC''') is an [[accounting]] method of work-in-progress evaluation, for recording long-term [[contracts]]. [[GAAP]] allows another method of revenue recognition for long-term construction contracts, the [[completed-contract method]].

	~~==When to use==~~
	The accounting for long term contracts using the percentage of completion method is an exception to the basic realization principle. This method is used wherein the revenues are determined based on the costs incurred so far. The percentage of completion method is used when:
	*Collections are assured
	*The accounting system can:
	~~#Estimate profitability~~
	~~#Measure progress toward completion.~~
	~~Losses are recognized in the year when they are discovered, the same way as for the completed contract method. The balance sheet presentation is the same as in the completed contract method.~~

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	~~Revenues and gross profit are recognized each period based on the construction progress~~, in ~~other words,~~ the ~~percentage~~ of ~~completion~~. ~~Construction costs plus gross profit earned~~ to ~~date~~ are ~~accumulated in an inventory account (construction in process, also called construction in progress), and progress billings are accumulated in~~ a ~~[[contra account\|contra inventory account]] (billing on construction in process)~~.

	~~Although~~ the ~~formula for recognizing income~~ in the ~~current period can vary, a widely accepted one is as follows:~~

	~~::<math>Inc_{k}=[\frac{\sum_{i=1}^{m}Costs_{i}}{ \sum_{i=1}^{N}E(Costs_{i})} \cdot[\sum_{i=1}^{N}Revenues_{i}-\sum_{i=1}^{N}E(Costs_{i})]]-\sum_{i=1}^{m~~-~~1}Inc_{i}~~.~~\, <~~/~~math>~~
	~~where~~..~~. <math>m= \, </math>~~ the ~~number~~ of ~~periods lapsed since~~ the ~~inception~~ of ~~the contract~~.
	::<~~math~~>~~N= \,~~ <~~/math~~> the ~~expected length~~ of the ~~contract~~.
	~~::<math>k= \, </math> the current period.~~

	~~==Examples==~~
	~~For example, let's say our total estimated cost for the contract is $10~~,~~000 and our contract value is $12~~,~~000. We know that project~~ will ~~be completed~~ in ~~4 years~~.
	~~Now, after~~ the ~~first year we see that total cost incurred in this first year is $3,000~~. So ~~according~~ to ~~the percentage~~-of-~~completion method: Cost percentage = 3000/10000 = 30%; so we~~ will ~~recognize 30% revenue in the income statement~~ for ~~the first year~~.

	~~Income statement of AnantPurohit corporation Pvt. Ltd. for~~ the ~~year ended on xx/yy/zzzz:~~
	~~{\| class="wikitable"~~
	~~\| Sales \|\| 3,600 (30% of 12,000)~~
	\|-
	~~\| Cost of goods \|\| 3,000~~
	~~\|- style="border-top: 2px solid gray;"~~
	~~\| Profit \|\| 600~~
	\|}
	~~In the next year~~, ~~some more complicated parts enter the game.~~
	~~Let~~'~~s say that after completion of the second year, our expected cost changes to 11,000. Assume our cost~~ to ~~date is 5,500 (3,000 in~~ the ~~first year, 2,500 in~~ the ~~second),~~ the ~~percentage completed is 5~~,~~500/11,000 = 50%~~.
	~~Thus~~, ~~the revenue to~~ be ~~recognized is (50% of 12,000) – 3,600 (previously recognized) = 2,400~~

	~~Income statement of AnantPurohit corporation Pvt~~. ~~Ltd~~. ~~for~~ the ~~year ended on xx/yy/zzzz+1:~~
	~~{\| class="wikitable"~~
	~~\| Sales \|\| 2,400~~
	\|-
	~~\| Cost~~ of ~~goods \|\| 2,500 (5,500 till date – 3,000 last year)~~
	\|- ~~style="border~~-~~top: 2px solid gray;"~~
	~~\| Loss \|\| 100~~
	\|}

	~~Now let's say that for the next year, our total cost estimation is increased to 15,000 due to increases in raw material and labor costs. We know that we~~ are ~~going to incur~~ a ~~loss of 3000 at~~ the ~~end of~~ the ~~contract period~~. ~~For~~ the ~~third year, our cost to date reaches 10,500, so according to PoC:~~
	~~Percentage completion = 10,500/15,000 = 70%~~
	~~Revenue = 70%~~ of ~~12,000 – previously recognized = 8,400 – 6,000 = 2,400~~.
	However, ~~because we are going~~ to ~~have~~ a ~~total loss of 3,000 on the contract~~..~~... we must recognize~~ the ~~total loss in the period it is estimated~~. ~~As a result, our Cost of goods~~ will ~~be 5,900 (total loss recognized because~~ of ~~500 profit recognized~~ in ~~previous periods [3,500] + Sales [2,400]); we reached this inductively by figuring the Sales~~ and ~~the Loss before the Cost of goods~~.

	~~Income statement of AnantPurohit corporation Pvt~~. ~~Ltd. for the year ended on xx/yy/zzzz+2:~~
	~~{\| class="wikitable"~~
	~~\| Sales \|\| 2,400~~
	\|-
	~~\| Cost of goods \|\| 5,900~~
	~~\|- style="border-top: 2px solid gray;"~~
	~~\| Loss \|\| 3,500~~
	\|}

	~~In final year, our cost~~ is ~~4,500 and revenue is 3,600~~. ~~But we record only 3,600 in Cost~~ of ~~goods because we already recognized~~ the ~~total loss in the last period~~.
	~~{\| class="wikitable"~~
	\|-
	~~\| Sales \|\| 3,600~~
	\|-
	~~\| Cost~~ of ~~goods \|\| 3,600~~
	\|- ~~style="border-top: 2px solid gray;"~~
	~~\| Profit/loss \|\| 0~~
	\|}
	~~Total Profit/Loss from the contract = 600-100-3,500= 3,000 Net Loss~~

	~~==External links==~~
	* [http://www.answers.com/topic/percentage-of-completion-method Percentage-Of-~~Completion Method at Answers~~.~~com]~~

	~~[[Category:Generally Accepted Accounting Principles]]~~
	~~[[Category:Long-term construction contracts revenue recognition]]~~

en>Jonesey95: Fixing "Pages with citations using unnamed parameters" error.

2013-12-28T16:09:15Z

Fixing "Pages with citations using unnamed parameters" error.

← Older revision		Revision as of 18:09, 28 December 2013
Line 1:		Line 1:
	~~Next~~ - ~~GEN Gallery is a full incorporated Image Gallery plugin~~ for ~~Word~~ - ~~Press which has a Flash slideshow option~~. ~~This one is one~~ of the ~~most beneficial features~~ of ~~Word - Press as this feature allows users~~ to ~~define~~ the ~~user roles~~. This ~~CMS has great flexibility to adapt various extensions and add-ons~~. ~~If you treasured this article and also you would like to obtain more info concerning [http~~:~~//gameopt~~.~~com/profile/salegge backup plugin] nicely visit our own web site. After confirming~~ the ~~account~~, ~~login with your username and password at Ad - Mob~~. It is ~~found that most of~~ the ~~visitors only look for~~ the ~~results that~~ are ~~displayed~~ on the ~~first page~~ of ~~the search engines~~ and ~~so if you get~~ the ~~service from professional service providers then they strive~~ for the ~~first page ranking of your site and improve the online visibility.~~ <br><br>~~The Internet is a vast open market~~ where ~~businesses and consumers congregate~~. ~~Wordpress have every reason with it which promote wordpress development~~. ~~It sorts~~ the ~~results~~ of ~~a search according to category~~, ~~tags and comments. t need to use~~ the ~~back button or~~ the ~~URL to get to your home page. Akismet is really a sophisticated junk e-mail blocker and it's also very useful thinking about I recieve many junk e-mail comments day-to-day across my various web-sites~~. <br><br>~~Minor~~ and ~~medium sized corporations also have a lot to obtain by shelling out~~ in ~~a very good website~~. ~~After sending these details~~, ~~your Word~~ - ~~Press blog~~ will ~~be setup within a few days~~. ~~I've applied numerous Search engine optimization~~-~~ready Word~~ - ~~Press themes and I can~~ say ~~from knowledge~~ that ~~I consider the Genesis Search engine marketing panel one particular~~ of the ~~simplest~~ to ~~use~~. ~~The~~ first ~~thing you need~~ to do is ~~to choose~~ the ~~right web hosting plan. If you've hosted your Word~~ - ~~Press website on a shared hosting server then it~~'~~ll be easier~~ for ~~you to confirm~~ the ~~restricted access to your site files. <br><br>The disadvantage~~ is ~~it requires a considerable amount of time~~ to ~~set every thing up. * Robust CRM~~ to ~~control~~ and ~~connect with your subscribers~~. ~~Thus it is difficult~~ to ~~outrank any one~~ of ~~these because~~ of ~~their different usages~~. ~~IVF~~ ,~~fertility~~,~~infertility expert~~,~~surrogacy specialist~~ in ~~India at Rotundaivf~~. ~~If your blog employs the permalink function, This gives your SEO efforts~~ a ~~boost~~, ~~and your visitors~~ will ~~know firsthand what's~~ in the ~~post when seeing~~ the ~~URL~~. ~~<br><br>A sitemap is useful~~ for ~~enabling web spiders and also~~ on ~~rare occasions clients~~, ~~too~~, ~~to more easily~~ and ~~navigate your website~~. ~~s ability to use different themes and skins known as Word~~ - ~~Press Templates or Themes. You can select color of your choice~~, ~~graphics~~ of ~~your favorite~~, ~~skins~~, ~~photos~~, ~~pages, etc~~. ~~Working with a Word~~ - ~~Press blog and the appropriate cost~~-~~free Word~~ - ~~Press theme, you can get a professional internet site up and published in no time~~ at ~~all. 95, and they also supply studio press discount code for their clients, coming from 10% off to 25% off upon all theme deals~~.		'''Percentage of Completion''' ('''PoC''') is an [[accounting]] method of work-in-progress evaluation, for recording long-term [[contracts]]. [[GAAP]] allows another method of revenue recognition for long-term construction contracts, the [[completed-contract method]].

			==When to use==
			The accounting for long term contracts using the percentage of completion method is an exception to the basic realization principle. This method is used wherein the revenues are determined based on the costs incurred so far. The percentage of completion method is used when:
			*Collections are assured
			*The accounting system can:
			#Estimate profitability
			#Measure progress toward completion.
			Losses are recognized in the year when they are discovered, the same way as for the completed contract method. The balance sheet presentation is the same as in the completed contract method.

			==Formulas used==
			Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an inventory account (construction in process, also called construction in progress), and progress billings are accumulated in a [[contra account\|contra inventory account]] (billing on construction in process).

			Although the formula for recognizing income in the current period can vary, a widely accepted one is as follows:

			::<math>Inc_{k}=[\frac{\sum_{i=1}^{m}Costs_{i}}{ \sum_{i=1}^{N}E(Costs_{i})} \cdot[\sum_{i=1}^{N}Revenues_{i}-\sum_{i=1}^{N}E(Costs_{i})]]-\sum_{i=1}^{m-1}Inc_{i}.\, </math>
			where... <math>m= \, </math> the number of periods lapsed since the inception of the contract.
			::<math>N= \, </math> the expected length of the contract.
			::<math>k= \, </math> the current period.

			==Examples==
			For example, let's say our total estimated cost for the contract is $10,000 and our contract value is $12,000. We know that project will be completed in 4 years.
			Now, after the first year we see that total cost incurred in this first year is $3,000. So according to the percentage-of-completion method: Cost percentage = 3000/10000 = 30%; so we will recognize 30% revenue in the income statement for the first year.

			Income statement of AnantPurohit corporation Pvt. Ltd. for the year ended on xx/yy/zzzz:
			{\| class="wikitable"
			\| Sales \|\| 3,600 (30% of 12,000)
			\|-
			\| Cost of goods \|\| 3,000
			\|- style="border-top: 2px solid gray;"
			\| Profit \|\| 600
			\|}
			In the next year, some more complicated parts enter the game.
			Let's say that after completion of the second year, our expected cost changes to 11,000. Assume our cost to date is 5,500 (3,000 in the first year, 2,500 in the second), the percentage completed is 5,500/11,000 = 50%.
			Thus, the revenue to be recognized is (50% of 12,000) – 3,600 (previously recognized) = 2,400

			Income statement of AnantPurohit corporation Pvt. Ltd. for the year ended on xx/yy/zzzz+1:
			{\| class="wikitable"
			\| Sales \|\| 2,400
			\|-
			\| Cost of goods \|\| 2,500 (5,500 till date – 3,000 last year)
			\|- style="border-top: 2px solid gray;"
			\| Loss \|\| 100
			\|}

			Now let's say that for the next year, our total cost estimation is increased to 15,000 due to increases in raw material and labor costs. We know that we are going to incur a loss of 3000 at the end of the contract period. For the third year, our cost to date reaches 10,500, so according to PoC:
			Percentage completion = 10,500/15,000 = 70%
			Revenue = 70% of 12,000 – previously recognized = 8,400 – 6,000 = 2,400.
			However, because we are going to have a total loss of 3,000 on the contract..... we must recognize the total loss in the period it is estimated. As a result, our Cost of goods will be 5,900 (total loss recognized because of 500 profit recognized in previous periods [3,500] + Sales [2,400]); we reached this inductively by figuring the Sales and the Loss before the Cost of goods.

			Income statement of AnantPurohit corporation Pvt. Ltd. for the year ended on xx/yy/zzzz+2:
			{\| class="wikitable"
			\| Sales \|\| 2,400
			\|-
			\| Cost of goods \|\| 5,900
			\|- style="border-top: 2px solid gray;"
			\| Loss \|\| 3,500
			\|}

			In final year, our cost is 4,500 and revenue is 3,600. But we record only 3,600 in Cost of goods because we already recognized the total loss in the last period.
			{\| class="wikitable"
			\|-
			\| Sales \|\| 3,600
			\|-
			\| Cost of goods \|\| 3,600
			\|- style="border-top: 2px solid gray;"
			\| Profit/loss \|\| 0
			\|}
			Total Profit/Loss from the contract = 600-100-3,500= 3,000 Net Loss

			==External links==
			* [http://www.answers.com/topic/percentage-of-completion-method Percentage-Of-Completion Method at Answers.com]

			[[Category:Generally Accepted Accounting Principles]]
			[[Category:Long-term construction contracts revenue recognition]]

en>Mindmatrix: Reverted edits by 70.187.150.10 (talk) to last version by Incogphenom

2012-08-29T13:06:00Z

Reverted edits by 70.187.150.10 (talk) to last version by Incogphenom

New page

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