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Contract costing and AS 7

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(Querist)
25 May 2011 As we all know that accounting standards are not applicable in cost accounting and profit from contract costing and as per AS-7 are different, then which profit is distributed among shareholders. And what is the fun of computing the other profit?
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RAHUL SARIA (CA, CS)

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RAHUL SARIA (CA, CS) (Expert)
26 May 2011 Dear Mirza.. Accounting and Costing are two different areas. AS-7 is used for preparation of financial accounts, and obviously the profit as per books would be distributable.

whereas costing is done for control & decision making process.

You need to broaden your thinking and see the larger picture.
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