[amp_mcq option1=”Ship building” option2=”Civil construction” option3=”Automobiles” option4=”Construction of bridges” correct=”option3″]<\/p>\n
The correct answer is: C. Automobiles.<\/p>\n
Contract costing is a type of cost accounting that is used to track the costs associated with a specific contract. It is used in industries where contracts are common, such as construction, shipbuilding, and government contracting.<\/p>\n
In the automobile industry, cars are typically produced in large volumes, and the costs of production are tracked using a different type of cost accounting called process costing. Process costing is used to track the costs of production for a product that is produced in large quantities, using a standardized process.<\/p>\n
The costs associated with a contract can be very different from the costs associated with producing a product in large quantities. For example, the costs of materials and labor may be different, and there may be additional costs associated with overhead, such as the cost of managing the contract. Contract costing allows companies to track these costs and to ensure that they are making a profit on each contract.<\/p>\n
In addition, contract costing can be used to manage the risk associated with contracts. By tracking the costs of a contract, companies can identify potential problems early on and take steps to address them. This can help to prevent losses and to ensure that contracts are completed on time and within budget.<\/p>\n
Overall, contract costing is a valuable tool for companies that work with contracts. It can help to track costs, manage risk, and ensure that contracts are profitable.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”Ship building” option2=”Civil construction” option3=”Automobiles” option4=”Construction of bridges” correct=”option3″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[952],"tags":[],"class_list":["post-43767","post","type-post","status-publish","format-standard","hentry","category-costing","no-featured-image-padding"],"yoast_head":"\n