The main differences between the two are: (1) A contract is undertaken for big work/job on the other hand job costing is a small contract. (2) A contract costing takes longer time to be completed, whereas job costing takes shorter time to be completed. (3) Contract costing involves more expenditure in comparison to job costing and vice-versa. There is a difference in WIP (Work in progress), of each period. Job Costing is best suited for the industries where specialized products are manufactured as per customer needs and demands. Some examples of those industries are Furniture, Ship Building, Printing Press, Interior Decoration, etc.