COMPLETED CONTRACT METHOD OF ACCOUNTING is a method of revenue recognition for long-term contracts (i.e., contract which span more than one accounting period) whereby the total contract revenue and related cost of performance are recognized in the period in which the contract is completed. This method stands in contrast to the percentage-of-completion method of accounting and is most often used when significant uncertainty exists with respect to the total cost of performing the contract and, accordingly, the ultimate amount of profit to be recognized thereon.
DEBTOR is the party against who one has a claim.
RAR, dependent upon context, is Resource Allocation Request, Revenue Agent Report (US IRS), Remedial Action Report, Report of Actual Reimbursements or Refill Authorization Request.
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