Definition the account showing a part of the profit on long-term contracts; the income can only be recognised if the completion of the contract is certain and there is sufficient evidence that the contract will generate an overall profit; usually, the share of profit recognised is calculated on a cost basis; the account is credited by the amount of profit and the same amount is debited to the account amount recoverable on long-term contracts Reference V.Q.,Chartered accoutant,1994
Definition compte qui enregistre les bénéfices réalisés sur une opération partiellement exécutée Reference d'après La Revue fiduciaire,n°770 & 798,1993