1.

Contract costing is a method of cost accounting used to allocate,

record, and analyze the costs associated with individual contracts
or projects. It is primarily used in industries where large, complex,
and unique projects are undertaken, such as construction,
engineering, and manufacturing.
2.The work done under the contract shall be judged by the
contractees architect, surveyor, or engineer who will issue a
certificate stating the value of work done so far and approved by
him such work is known as work certified.
3.batch costing. noun [ U ] ACCOUNTING, PRODUCTION. the fact
of stating the price of a product as based on the cost of producing a
batch of the product, rather than on the cost of producing a single
item: Batch costing is typically used for mass-produced goods such
as clothing.
4. a tender is an offer or invitation to bid for a project or to accept a
formal offer such as a takeover bid. This term usually refers to the
process through which the government and financial institutions put
forward invitation bids for large projects. These bids are to be
submitted within a given deadline.
5. Subcontracting is the practice of assigning, or outsourcing, part
of the obligations and tasks under a contract to another party known
as a subcontractor. Subcontracting is especially prevalent in areas
where complex projects are the norm, such as construction and
information technology.
6. Process costing is an accounting methodology that traces and accumulates direct costs, and
allocates indirect costs of a manufacturing process. Costs are assigned to products, usually in a
large batch, which might include an entire month's production

7.Operating costs are the ongoing expenses incurred from the

normal day-to-day of running a business. Operating costs include
both costs of goods sold (COGS) and other operating expenses—
often called selling, general, and administrative (SG&A) expenses.
8. Revenue is the price for which you're selling the product minus
the variable costs, like labor and materials. To calculate your break-
even point in units, use the following formula: Break-Even Point
(Units) = Fixed Costs ÷ (Revenue per Unit – Variable Cost per Unit).
9. "Contribution" represents the portion of sales revenue that is not
consumed by variable costs and so contributes to the coverage of
fixed costs. This concept is one of the key building blocks of break-
even analysis.
10. The break-even point is the point at which total cost and total revenue are equal,
meaning there is no loss or gain for your small business. In other words, you've reached the
level of production at which the costs of production equals the revenues for a product.