If the amount of work certified is less than . . . . . . . . of the contract price, then no profit should be taken to Profit & Loss Account.
A. 20%
B. 25%
C. $$33\frac{1}{3}\% $$
D. 40%
Answer: Option B
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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