Question

similarities and difference between contract and process costing

Answer 1

Answer:

The key difference between job costing and contract costing is that job costing is a system used for completion of specific customer orders where each unit produced is considered a job whereas contract costing is referred to as a costing system applied where work is undertaken according to special requirements

Explanation:

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Answer 2

Explanation:

Answer:

Job costing and contract costing are two popular methods of specific order costing that are important for businesses that provide a customized product. However, there are a number of differences between the two that should be clearly understood in order to distinguish them from one another. The key difference between job costing and contract costing is that job costing is a system used for completion of specific customer orders where each unit produced is considered a job whereas contract costing is referred to as a costing system applied where work is undertaken according to special requirements of customers in a location specified by the customer.

CONTENTS

1. Overview and Key Difference

2. What is Job Costing

3. What is Contract Costing

4. Side by Side Comparison – Job Costing vs Contract Costing

5. Summary