Contract Costing

🏗️ Master Contract Costing with Dr. Mohd Saifi Anwar 🎓

Course Title: Learn Advanced Contract Costing for the Construction Industry

Unlock the Secrets of Profitable Contracts!

Are you ready to delve into the world of contract costing within the construction sector? This comprehensive online course, led by the esteemed Dr. Mohd Saifi Anwar, is meticulously designed to equip you with a deep understanding of this critical financial management skill.

Course Contents:

• What is Contract Costing? 📚

  • A methodological approach to costing in construction.

• Industry Application 🚀

  • Essential for projects ranging from roads to bridges, and beyond.

• Capital Asset Relation 🏢

  • Understanding the role of contract costing in the lifecycle of capital assets.

• Construction Industry Defined 🛠️

  • Comprehensive overview of the infrastructure projects included under construction industry.

Introduction to Contract Costing 🔍

This course begins with an introduction to the contract costing method, providing a solid foundation for understanding the accounts involved in the process. You'll learn about:

• Accounts In the books of Contractor ✨

  • Detailed explanation of critical accounts like the Contract Account, Contractee’s Account, and Work-in-Progress Account.

• Understanding Contract Account 💼

  • A deep dive into the purpose and significance of the Contract Account in financial reporting.

• Types of Contract Price & Contract 📈

  • Exploring different types of contract prices such as fixed and cost plus, and contracts that are both completed and incomplete.

• Role of Plant in Contract Costing 🚧

  • Understanding how plant and machinery are accounted for within the context of contract costing.

Complete Contract Breakdown 🏗️

Learn about the accounting treatment for a Complete Contract with detailed format examples, entries, and questions to test your knowledge.

• Format of Complete Contract Account 📊
• Contractee’s Account (Complete Contract) 🔢
• Entries of Contractee’s Account (Complete contract) 🧮
• Complete Contract Questions 🤔

Incomplete Contract Analysis ⏳

Gain insights into accounting for contracts that are still underway, including methods to compute profit or loss and the treatment of work certified and uncertified.

• Work Certified & Uncertified Work 🛠️
• Methods of computation of profit or loss on incomplete contract 📝
• In case of loss 🚫
• Contract Account – Incompleted 🔄
• Incomplete Contract Question 🤔

Balance Sheet Considerations 📈

Understand the impact of incomplete contracts on your balance sheet and learn how to manage Work in Progress and Reserve for Contingencies.

• Balance Sheet 💰
• Entries of Contractee’s Account (Incomplete contract) 💳
• W O R K - I N - P R O G R E S S  A C C O U N T 🏗️
• Reserve for Contingencies 🛑
• Contract Account (Reserve for Contingencies) 🌧️

Meaning of Contract Account 🔎

The Contract Account is the principal account used by contractors to ascertain the profit or loss from a contract. This course will teach you how to effectively use this account and distinguish between various contracts through unique identifiers.

Why Take This Course? 🚀

• Expert Instructor: Learn from Dr. Mohd Saifi Anwar, an experienced professional in the field of contract costing.

• Practical Application: Apply theoretical knowledge to real-world scenarios within the construction industry.

• Interactive Learning: Engage with multimedia content, including video lectures, case studies, and quizzes.

• Flexible Schedule: Study at your own pace, from anywhere in the world, without disrupting your professional responsibilities.

• Career Advancement: Enhance your career prospects by mastering a highly specialized skill set that is in high demand across the construction sector globally.

Embark on your journey to becoming an expert in contract costing today! With Dr. Mohd Saifi Anwar's guidance and this comprehensive course, you'll be equipped to handle complex contract accounting with confidence. 🎓👍