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Contract Costing
It is a form of exact order costing, which is applied to relatively large cost units that normally get a considerable length of time to complete as an example of construction or building works. Contract jobs are undertaken in accordance along with particular requirements of contractee/Customer. Contracts may be distinguished from job orders ia the given features:
The money value of a contract is much larger than such of a job order.
To second the progress of contract works, a particular account identified as a contract account is maintained.
Methods of Work in Progress The two main methods used for purposes of valuing the opening work in progress: 1. Weighted Average Method 2. FIFO or First In First out Meth
ADVANTAGES OF COST ACCOUNTING 1. It helps in efficient decision making. 2. It assists in cost drop. 3. It is useful in obsession of selling price
Direct Labour Efficiency Variances It is the difference between the standard hours allowed for the actual production achieved and the hours actually worked, all valued at THE
Features and Procedures of Job costing Features of Job costing Product is against the customer's order and not on job stocks. Every job has its own characteristics and ne
sir i want to know the whole procress of costing
How relevant to the decision are the $800(000) initial cost of the project and the operating losses of $300(000)? Calculate the incremental liquidation cash flows for the abando
ANALYSIS OF VARIANCE When the actual are not similar from the standards, variance exists. Variance may be unfavorable or favorable. When the actual cost is more than the standa
The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) m
Total costs include both variable costs and fixed costs. Variable costs are costs which can beeasily identified or related to a cost per unit or activity level of some kind for exa
procedure,advantages ..
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