UNIT-OF-WORK-PERFORMED METHOD Definition

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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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GROSS REVENUE is income (at invoice values) received for goods and services over some given period of time. See also GROSS SALES.

DOUBLE DECLINING BALANCE DEPRECIATION see DECLINING BALANCE DEPRECIATION METHOD.

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