Contract costing is defined as that form of specific order costing wherein work is carried out in accordance with the customer's special requirement and each order is of long duration. Contract costing is generally applied by contractors who undertake constructional work and engineering work like roads, dams, buildings, canals, railway lines, bridges, sewerage system of a city or town, hospital, [...]
Cost Audit can be defined as a searching examination of cost records made by a competent person. It is a system of identification and communication which signals - (i) whether there are errors in cost accounts, cost statements and cost data, and (ii) whether the procedure laid down is adequately followed. A cost audit, therefore, includes verification of correctness of [...]
Cost Sheet is a statement, prepared at given intervals of time, which provides information regarding elements of cost incurred in production. It discloses the total cost as well as the cost per unit of the product manufactured during the given period. If it is desired to compare the costing results of a particular period with any of the preceding periods, [...]