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Contract Costing: Definition & Example

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the purpose behind contract costing?

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1. Which would be an example of who's involved in the contract costing agreement?

2. Who's usually responsible for tracking costs?

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About This Quiz & Worksheet

Determine what you understand about contract costing with these study assessments. You'll be quizzed on key points such as why contract costing is done and who is involved with the procedure.

Quiz & Worksheet Goals

The following topics will be considered:

  • Where the responsibility lies for cost tracking
  • Example of who would use contract costing
  • The meaning of allocating costs

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on contract costing
  • Knowledge application - use your knowledge to answer questions about who is responsible for contract costing and a company that would use it
  • Information recall - access the knowledge you've gained regarding why contract costing might be necessary

Additional Learning

Get more information on the subject with the lesson called Contract Costing: Definition & Example. You'll be reviewing the following topics:

  • What is cost and an example of it in the business world
  • Examples of what a company might include in contract costing
  • Details about the contract costing procedure
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