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What is difference between job costing contract costing?
job costing refers to very small work while contract costing refers to large work like building a bridge.
What is the difference between job costing and contract costing?
Job costing and contract costing are both methods used to determine the costs associated with specific projects, but they differ in their application. Job costing is typically used for individual, customized jobs with distinct specifications, while contract costing is applied to larger, long-term projects, such as construction contracts, where costs are accumulated over the duration of the contract. Additionally, job costing focuses on individual units or batches, whereas contract costing aggregates costs over the entire contract period, often involving multiple jobs and phases.
What is the job costing and give you the example?
Labour costing. Material costing
In contract costing profit can be recognised only when the contract is completed?
In contract costing, the profit is only guaranteed when the actual contract is completed because the prices keep changing. There is usually a slight variation between projected profit and the actual figures.
Example for backflush costing and target costing?
for backflush costing and target costing?" Refer this link www.iugaza.edu.ps/users/shelles/Horngren/ch14.ppt
Differences between costing method and costing techniques?
Methods of Costing The cost of products or services is determined using several methods. The use of a given method is dictated by such factors as: the nature of cost units, the production process, the mode of cost accumulation, the duration of work etc. The following are the well established methods of costing a. Job / Batch costing b. Contract costing c. Process costing d. Service costing Techniques of Costing Irrespective of the type of costing method being applied there are various approaches that could be adopted. These are:  Full Absorption costing  Marginal costing  standard costing using  absorption costing  marginal costing
What is contract costing?
It is when a company set out how much they will put aside for contractors when working out expenses for a job.
A software-costing modelthat bases cost estimates upon statistical data such as source lines of code is an example of a ------------------costing model?
parametric
What is the example of process costing industries?
The answer is industries that function as repairing the computers accesories.
Marginal costing is useful in?
Marginal costing is one of the technique of costing and is usefull for the decision making process. As in decision making process decision are always made for the future activities and not for past activities so if exept marginal costing any other costing method for example absorption costing method is used then there is a chance of making wrong decisions as in future decision making past decision and past data is not relevent for decision making.
What is the difference between job costing and operating costing?
Job costing is when for example a tradesman comes to give you a quote for how much he is willing to do the job/repair that you want to be done, whereas Operating costs are what a buisness has to spend in order to keep functioning, overheads ect.
Example of letter of an end of contract?
end of contract letter sample
