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Job costing is used in manufacturing & service industries for individual/batch production. Contract costing is a method used in the construction industry. Where a company is contracted to complete a specific project or job. Job costing tracks expenses per job.

The contract account is credited with the contract price if it has been completed. In such a case, the amount of contract price is debited to the contractee's personal account and credited to the contract account. In incomplete contracts, no entry is passed in respect of the contract price.

CPE Formula A formula consists of general formula data (for example, the combination routine) and at least one CPE term and defines, how the formula results are calculated out of term results (for example, using the sum, the highest value, provisual term instead of the final term).

Contract costing is the tracking of costs associated with a specific contract with a customer. For example, a company bids for a large construction project with a prospective customer, and the two parties agree in a contract for a certain type of reimbursement to the company.

Contract costing is the method of costing applied in a business where separate contracts of a non-repetitive nature are undertaken. ing to Sharie, ?contract or terminal cost accounts are applicable to a concern which makes specific contracts and requires to know the cost of each.?

Contract cost = Contract Price x Work Certified as % of Contract Price. = Cash received / Cash received as % of Work Certified.

Cost accounting considers all input costs associated with production, including both variable and fixed costs. Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.

Agreement = Offer + Acceptance.

Basic numbers Numbers up to nine should always be written in words, anything higher than nine can be written in numerals. Alternatively, some guides suggest that if you can write the number in two words or fewer then use words rather than numerals.

Ten Tips for Making Solid Business Agreements and ContractsGet it in writing.Keep it simple.Deal with the right person.Identify each party correctly.Spell out all of the details.Specify payment obligations.Agree on circumstances that terminate the contract.Agree on a way to resolve disputes.More items...