Contract accounts - contract costing, Cost Accounting

Assignment Help:

Contract Accounts

It is a separate account such is maintained and opened for every contract undertaken for the reasons of accumulating cots. Every contract is given a number and all costs connecting to such particular contract are recorded in this account. A typical contract account is like displayed below as:

Contract No. XYZ Account
Materials b/f	x	Materials returned to store	x
Materials purchased	x	Materials c/d	x
Direct wages	x	Machinery c/d	x
Indirect wages	x	Balance c/d: Cost of work done	x
Subcontractors fees	x
Cost of special plant	x
Machinery/Plant b/f	x


Cost of work done b/d	x	Value of work certified	x
Notional Profit	x	Cost of work done but not certified	x
	xx		xx

Related Discussions:- Contract accounts - contract costing

Compute the sales activity variance for each product, The next year's budge...

The next year's budget for Benny, Inc., is given below: Product 1-2 Sales $945,000-688500 Variable costs 459,900-297,000 Fixed costs 300,000-3

Joint cost allocation, advantage of physical measure

advantage of physical measure

Distinguish between the products of different producers, The text states th...

The text states that four conditions are necessary for the existence of a perfectly competitive market. Discuss in your own words each one. a) Numerous participants: Roughly

What is the total cost of the work in process, The Cutting Department of th...

The Cutting Department of the Rock Island Custom Cabinetry Corporation (a process costing production) had no work in process at the beginning of the period, 12,000 units were compl

Management Acconting, what is the different between Financial accounting an...

what is the different between Financial accounting and management accounting?

Long run average marginal cost curves of the firm, Q. Let a firm's producti...

Q. Let a firm's production function be given by K 0.3 L 0.7 . (i) Sketch (without specific numbers) the shape of the long run average and long-run marginal cost curves of the fir

Homework, i need help on my homework

i need help on my homework

Determine inventory costs, Determine Inventory Costs Mary Cosmetics sells s...

Determine Inventory Costs Mary Cosmetics sells specialty lipstick for a retail price of $12.25 each. Mary purchases each tube for $5.00 and pays the following additional amounts: $

Calculate monthly excess returns, In this exercise you will familiarize you...

In this exercise you will familiarize yourself with index models, beta and CAPM estimation. Download the spreadsheet data_question3.xlsx from Sakai and use the data contained there

LABOUR COST, WHAT IS LABOUR COST?

WHAT IS LABOUR COST?

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages