Accounting · Contract Costing
State whether the following statements are true or false regarding contract costing: (i) Contract Costing is a type of costing used in constructional activities such as construction of buildings, roads, bridges etc. (ii) The person who takes a contract for a price is called the Contractee and the person from whom it is taken is called the Contractor.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement (i) is false & statement (ii) is false
- 2Statement (i) is true & statement (ii) is true
- 3Statement (i) is false & statement (ii) is true
- 4Statement (i) is true & statement (ii) is false✓
Correct answer
Statement (i) is true & statement (ii) is false
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