CONTRACT COSTING Definition

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CONTRACT COSTING is mainly associated with civil engineering works, although sometimes also with the manufacture of a major engineering structure over a considerable time (for example, a contract to manufacture a turbine generator).

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LCM is Lower of Cost or Market.

IMPERSONAL ACCOUNTS represents accounts other than Personal Accounts. This may be sub-classified into: a. Real Accounts, e.g. Asset Account; and, 2. Nominal Accounts, e.g. Income and Expenditure Accounts.

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