n the context of construction projects or other long-term contracts, "contract costing" is the

appropriate term for the cost sheet used to track and manage costs associated with individual
contracts or projects.

A contract cost sheet typically includes detailed information about the costs incurred during
the execution of the contract. This may include:

1. Direct Costs: Costs directly attributable to the contract, such as:

 Materials: Costs of materials purchased specifically for the contract.
 Labor: Wages and salaries of employees directly working on the contract.
 Subcontractor Costs: Payments made to subcontractors hired for specific tasks
within the contract.
2. Indirect Costs: Overhead expenses indirectly associated with the contract, such as:
 Overhead Allocation: Portion of general overhead expenses allocated to the
contract, often based on a predetermined allocation method.
 Administrative Costs: Costs related to project management, supervision, and
administrative support.
 Equipment Costs: Depreciation or rental expenses for equipment used on the
project.
3. Other Expenses: Additional costs incurred during the execution of the contract, such
as:
 Travel Expenses: Costs related to travel for project-related activities.
 Insurance Costs: Insurance premiums specific to the contract.
 Miscellaneous Expenses: Any other costs directly related to the contract but
not categorized under direct or indirect costs.

The contract cost sheet provides a comprehensive overview of all costs associated with the
contract, allowing project managers and stakeholders to monitor expenses, assess
profitability, and make informed decisions throughout the project's lifecycle.

On the other hand, "terminal costing" typically refers to a costing method used in
manufacturing industries to track costs associated with various stages or terminals of
production processes. Therefore, while contract costing is relevant to construction projects
and similar endeavors, terminal costing is more applicable in manufacturing settings.