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What is Understanding Contract Costing Basics about?
Contract costing is a type of job costing where a contract constitutes a unit of cost. It involves accounting for materials, direct labor, direct expenses, indirect expenses/overheads, plant and machinery, sub-contract costs, extra work done, escalation clauses, de-escalation clauses, contract price, work certified, retention money, work-in-progress, and notional profit calculations based on the percentage of work completed. The value of work certified is calculated as the contract price multiplied by the p
- Author
- GOVIND JANGID
- Language
- EN