#1 TYBCOM Contract Costing SEM 6 | Cost Accounting | BAF | BMS | Siraj Shaikh | Mumbai University |

Описание: Definition and Concept of Contract Costing:
The term contract costing is used by contractors, builders and engineers, who undertake
definite contracts such as building construction, ship building, bridge construction and so on.
A contract is usually undertaken for a fixed period and price (called contract price), which is
payable either on the completion of the contract or by instalments according to the progress
of work done.

Features of Contract Costing:
The salient features of contract costing are:
(i) The work is generally carried out at a site and not in the factories.
(ii) Each contract is given a distinguishing number in respect of which cost is ascertained.
(iii) It is the contract between the contractor and contractee.
(iv) Many contracts require more than one accounting year.
(v) Most- of the items of cost are directly chargeable to individual contract.
(vi) More often, one contract differs from others.
(vii) Part payments are made depending on the certificate issued by the architect, showing
value of work completed and retention money.
(viii) An “escalation clause”, under which the contractor is compensated for increase in costs
on account of inflation, may be included in the contract.
(ix) In case of non-fulfillment of contract within the stipulated time, the contractor is required
to pay penalty.
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