Can you think of construction contractors who can use the Completed-Contract method on a regular basis due to the type of contracts that they normally undertake? From Financial Management and Accounting Fundamentals for Construction (2009) Textboo

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.