The basis for determining profit to be taken into account on incomplete contract is ________.
A. cost of contract
B. contract price
C. percentage of work certified as done
D. uncertified work
Answer: Option C
Solution(By Examveda Team)
The basis for determining profit to be taken into account on incomplete contract is percentage of work certified as done.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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