Before starting to render his service, Paolo collected an advance payment of P2,000 for the acceptance of the job contract. When the required service from Paolo was completed, Paolo received P8,000 cash service fee after deducting the P2,000 advance payment, plus an office machine with cash price value of P3,000 and P2,500 cost to the seller. The gross service income of Paolo is

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.