1.

Write any three features of Contract costing.

Answer»

The following are the features of contract costing: 

1) A contract usually takes more than one year to complete. 

2) The work on the contract is carried out at the site of the contract. 

3) Each contract is considered to represent a cost unit. 

4) A separate contract account is prepared in the books of the contractor for each contract. 

5) Payments to the contractor by the contra ctee are made at various stages of completion.



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