Accrued revenue in the context of construction refers to the recognition of revenue that has been earned but not yet received. This can occur when a construction project is in progress and the contractor has completed a certain percentage of the work, but has not yet received payment for it. In this case, the revenue is accrued on the contractor's books as it is considered to be earned and will eventually be collected at a later date. Accrued revenue is typically recorded as an accounts receivable on the balance sheet, indicating that the contractor is expecting to receive payment in the future.Accrued revenue is important in construction because it allows for a more accurate reflection of the contractor's financial position. By recognizing revenue as it is earned, the contractor can better
What is Accrued Revenue?
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