Page 194 - F2 Integrated Workbook STUDENT 2019
P. 194
Chapter 7
Step (2) Determine the contracts’ progress towards completion
Two methods exist to determine progress towards completion:
The exam question will inform you of which method is relevant for
your scenario.
Progress
towards
completion
Input method Output method
(costs incurred) (Work performed)
Costs incurred to date Work/time to date
––––––––––––––––––––– × 100 –––––––––––––––––––––– × 100
Total costs for the contract Total revenue/timeframe for
the contract
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