Contract a/c is _______.
A. a nominal a/c
B. a real a/c
C. a personal a/c
D. either nominal or real a/c
Answer: Option A
Solution(By Examveda Team)
Contract a/c is a nominal a/c. Nominal Accounts are accounts related and associated to losses, expenses, income or gains.Related Questions on Costing
Basic objective of cost accounting is ________
A. tax compliance.
B. financial audit.
C. cost ascertainment.
D. profit analysis.
Process costing is suitable for ________.
A. hospitals
B. oil refing firms
C. transport firms
D. brick laying firms
The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost
B. historical cost
C. sunk cost
D. shutdown cost
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