10
Contract Costing
CHAPTER OUTLINE
LEARNING OBJECTIVES
After reading this chapter, you will be able to understand:
The features of contract costing
The different types of contract costing
Recording of transactions in contract costing
The concept of incomplete contract
Contracts lasting for more than a year
10.1 INTRODUCTION
Contract costing applies to jobs undertaken as per the requirements of the clients. Generally, it lasts for more than a year. Contract costing includes activities like building of bridges, roads, dams, ships, buildings, complexes and so on.
10.2 MEANING OF CONTRACT ...
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