=+b. In 2010, the company voluntarily changed its method of accounting for long-term construction contracts from the

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=+b. In 2010, the company voluntarily changed its method of accounting for long-term construction contracts from the percentage of completion method to the completed contract method. Both methods are acceptable under generally acceptable accounting principles. The cumulative effect of this change was reported as a separate component of income in the 2010 income statement.

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Accounting

ISBN: 978-1111001346

23rd Edition

Authors: Carl S. Warren

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