contract costing

Show Summary Details

Quick Reference

A costing technique applied to long-term contracts, such as civil-engineering projects, in which the costs are collected by contract. A particular problem of long-term projects is the determination of annual profits to be taken to the profit and loss account when the contract is incomplete. This requires the valuation of work in progress at the end of the financial year.

Subjects: Accounting.

Reference entries

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.