Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 1DQ
Define committed costs and provide two examples of committed costs?
Expert Solution & Answer
To determine
Describe committed costs along with a couple of examples.
Explanation of Solution
Committed Costs: The committed costs refer to the cost a company commits to pay in the future. It may be a pre-determined amount agreed upon by both parties.
Examples of committed costs are:
- Fix-price subcontracts
- Purchase orders having a pre-determined price.
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