Questions and Answers
What is the method of Costing used when a job is large and requires considerable time to complete?
Contract costing
What determines the completed contract price in contract costing?
Architect certificate
When is the contract price paid to the contractor in contract costing?
After completion of work
In contract costing, what kind of account does the contractor prepare for each contract?
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What does the debit side of the contract account in contract costing record?
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What type of companies typically adopt contract costing?
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What is another term for contract costing?
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How does a contractor determine the profit or loss of a particular job in contract costing?
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Who pays the contract price to the contractor in contract costing?
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What is considered as a cost unit in contract costing?
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