Question

difference between contract costing and operating costing​

Answer 1

Answer:

Job costing is the ascertaining of costs that are incurred in the undertaking of a specific job. On the other hand, contract costing is the ascertaining of costs associated with the production of a specific product as per the contract agreement with the customer.

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Answer 2

While operating deals with service costs, contract deals with contract costs.

• Operating valuation is a method of gathering and calculating total costs for delivering a regulated service to the general public or a business.
• The emphasis is on delivering services rather than the cost of creating an item. The services supplied might either be sold to the public or provided within an organization.
• Whereas, the tracking of costs connected with a specific contract with a client is known as contract costing. The firm is compensated for its expenses as well as a percentage or set profit.