Contract accounts - contract costing, Cost Accounting

Assignment Help:

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

Related Discussions:- Contract accounts - contract costing

Market value schedule, A Market Value Schedule (in one report),for the comp...

A Market Value Schedule (in one report),for the complex. This schedule should show the market value of the complex at the end of each year of the project. Valuation method and oth

Cvp analysis in situations subject to change, CVP Analysis in Situations Su...

CVP Analysis in Situations Subject To Change Revenue and Cost will change and also sales volume because of a number of factors involving: a) Increased competition may need

Excel work, cost accounting exam

cost accounting exam

Differential analysis, West Industries is a highly decentralized corporatio...

West Industries is a highly decentralized corporation with independent operating divisions. Each division is evaluated and rewarded based on its total net income. One of the divisi

Labour cost, labour cost related case study with solution

labour cost related case study with solution

Straight-line depreciation, Alger Corp wants to buy some construction equip...

Alger Corp wants to buy some construction equipment for $50,000, which has a useful life of 4 years with no salvage value. Alger uses straight-line depreciation. Alger has a tax ra

Compute cost, Your company completed the East Side subdivision. The costs a...

Your company completed the East Side subdivision. The costs are shown in Figure 11-4. The site concrete labor and outside lighting were done by subcontractors. The grading and exca

Derive a truth table for a combinational logic circuit, Derive a truth tabl...

Derive a truth table for a combinational logic circuit that is to decode a 4-bit BCD representing a number in the range 0-9 and generate an appropriate 7-bit output to illuminate t

Absorption Costing Techniques, If the net income under marginal costing is ...

If the net income under marginal costing is #100,000, calculate absorption costing, if opening and closing inventories are #20,000 and #15,000

Determine the current price of shares, 2. Blue-Jay Sporting Goods is a star...

2. Blue-Jay Sporting Goods is a start-up company that expects to earn $3.00 per share next year. Since the firm currently retains 100 percent of earnings to finance future grow

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages