ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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UNIT-OF-WORK-PERFORMED METHOD Definition
UNIT-OF-WORK-PERFORMED METHOD is where revenue and cost of sales are recorded as units of work are delivered. This is most suitable to production-type contracts where many units of a product are produced in a continuous process, e.g. automobile manufacture.
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CPFF is Cost Plus Fixed Fee.
PURCHASE ACCOUNT is an account in which all inventory purchases are recorded; used with the periodic inventory method.