Contract Accounting Definition
Contract accounting may be defined as, “the systematic recording of the work done under each contract for a third party in consideration who agrees to pay a fixed sum of money at the completion of full work or part payment after the work is completed partially and is being certified/approved by the architect or surveyor”.
credit to: http://www.accountingexplanation.com/
The below video shows the definition of contract costing, what it makes to be a contract costing. Try play it again and again to get the idea, then you’ll be ok with the slang of this video. Hehehe
Another video is the illustration of the contract costing. maybe it is quite boring for you but still…you need to understand them.
Ok then, for being good boys and girls, I treat you with an old songs, the band I used to like during the 80s and 90s.
Ok see you later