Features of Contract Costing
Contract costing is a unique costing method used in various industries where projects or jobs are undertaken on a contractual basis. This method involves tracking and allocating costs specifically related to each contract or project. It is commonly used in industries such as construction, engineering, manufacturing, and software development.
Contract costing provides valuable insights into the profitability and financial performance of individual contracts. In this article, we will explore ten major features of contract costing, highlighting its significance and benefits in a clear and educational tone.