Contract accounts - contract costing, Cost Accounting

Contract Accounts

It is a separate account such is maintained and opened for every contract undertaken for the reasons of accumulating cots.  Every contract is given a number and all costs connecting to such particular contract are recorded in this account. A typical contract account is like displayed below as:

Contract No. XYZ Account

Materials b/f

x

Materials returned to store

x

Materials purchased

x

Materials c/d

x

Direct wages

x

Machinery c/d

x

Indirect wages

x

Balance c/d:  Cost of work done

x

Subcontractors fees

x

 

 

Cost of special plant

x

 

 

Machinery/Plant b/f

x

 

 

 

 

 

 

 

 

 

 

Cost of work done b/d

x

Value of work certified

x

Notional Profit

x

Cost of work done but not certified

x

 

xx

 

xx

Posted Date: 2/7/2013 2:25:13 AM | Location : United States







Related Discussions:- Contract accounts - contract costing, Assignment Help, Ask Question on Contract accounts - contract costing, Get Answer, Expert's Help, Contract accounts - contract costing Discussions

Write discussion on Contract accounts - contract costing
Your posts are moderated
Related Questions
Kaplan Computers manufactures high end computer systems for the graphics design industry. At the present time, the company makes three computers with the following characteristics

list and explain all the procedures of material control

Bugga Corp expects to sell 3,000 units in October, and expects sales to increase 20% each month thereafter. Sales price is expected to stay constant at $8 per unit. What are budge

The use of standard costs can present a number of potential problems or disadvantages. Most of these problems result from improper use of standard costs and the management by excep

Use a selected company or your current work environment to identify at least one cost or expense that would fit under each of the following categories: • Variable • Fixed • Mixed •


The vice president of operations of six layer computer Inc. is evaluating the performance of two divisions organized as investments centers. Invested assets and condensed income st

The employees at Warren Manufacturing Company are unionized. As minimum requirements, the union members insist on keeping a work force of at least 300 workers, and accepting an hou

What are the major features of JIT?

Show the effect of an increase in each of the items listed below on the FCFF and FCFE. Suppose a $100 increase in every case and a 40 percent tax rate a.    Net income b.    Cas