In this article we will discuss about the calculation of profit or loss on contracts. (a) Completed Contracts: When a contract is completed, the overall profit or loss on the contract is transferred to the profit & Loss Account fully. (b) Incomplete Contracts: When there is loss on an incomplete contract, it is fully transferred to the profit and loss [...]
In this article we will discuss about:- 1. Definition of Job and Job Costing 2. Features of Job Costing 3. Objectives 4. Essential Pre-Requisites 5. Merits 6. Demerits 7. Estimating and Its Importance 8. Procedure 9. Forms. Contents: Definition of Job and Job Costing Features of Job Costing Objectives of Job Costing Essential Pre-Requisites for Introduction of Job Costing Merits [...]
Operating Costing in Service Industries: Objectives, Benefits and Types. In this article we will discuss about the applications of operating costing in service industries. Operating Costing in Service Industries: Objectives, Benefits and Types 1. Transport Costing - Operating Costing as Applicable to Transport Services: The term 'Transport' includes all modes of transport like Air, Water, Rail and Road. However, the [...]