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Unformatted text preview: Assignment 3-3 Initial Post Hi team, Please verify if the answers are correct and update if necessary. Also, can someone please post this to the BB with all of our names? Also, whoever is posting this to the BB, please put Assignment 3-3 Initial Post in the subject line. Chapter 16 Accounting Periods and Methods: Discussion Questions 16 and 17: 16. What are the similarities between the crop method used for farming and the completed contract method used for long-term construction? The similarities between crop method used for farming and the completed contract method used for long-term construction include: For the crop method used for farming, no revenue from the contract is recognized until the contract is completed and accepted (Willis, Hoffman, Maloney & Raabe, 2011, p. 16-29). For the completed contract method, small contractors (average annual gross receipts do not exceed $10 million) working on contracts that are completed within a two-year period can elect to use...
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- Winter '08