Question 1

A method of costing applied where costs are collected and accumulated for each work order is ………………….

Accepted Answer

A) Process a/c 
B) contract costing 
C) Operating costing 
D) job costing 
A) Process a/c 
B) contract costing 
C) Operating costing 
D) job costing

Question 2

A contract in which the contractor is given the lost of work done plus a certain percentage for profit is called …………………….

Accepted Answer

A) Cost plus contract 
B) Sub contract 
C) Fixed price contract 
D) none of these 
A) Cost plus contract 
B) Sub contract 
C) Fixed price contract 
D) none of these

Question 3

……….. is the portion of work certified not paid by the contractee till completion of the work

Accepted Answer

A) Work certified 
B) Uncertified 
C) Retention money 
D) notional profit 
A) Work certified 
B) Uncertified 
C) Retention money 
D) notional profit

Question 4

A contract in which the price is fixed in advance is a ………….. contract

Accepted Answer

A) Sub contract 
B) fixed price contract 
C) Cost plus contract 
D) Fixed cost with Escalation clause 
A) Sub contract 
B) fixed price contract 
C) Cost plus contract 
D) Fixed cost with Escalation clause

Question 5

Incidental residue from manufacture with recoverable value

Accepted Answer

A) Scrap 
B) spoilage 
C) Defective 
D) loss 
A) Scrap 
B) spoilage 
C) Defective 
D) loss

A method of costing applied where costs are collected and accumulated for each work order is ………………….

A contract in which the contractor is given the lost of work done plus a certain percentage for profit is called …………………….

……….. is the portion of work certified not paid by the contractee till completion of the work

A contract in which the price is fixed in advance is a ………….. contract

Incidental residue from manufacture with recoverable value

Costing and Cost Units

Costing and Profitability Analysis

Costing and Product Analysis

Marginal Costing, Budgeting, and Costing Techniques

Budgeting and Costing

Costing and Contracting

Contractor Payments and Profit Calculation

Filters

Exam 3: Contract Pricing and Costing Methods

A method of costing applied where costs are collected and accumulated for each work order is ………………….

A contract in which the contractor is given the lost of work done plus a certain percentage for profit is called …………………….

……….. is the portion of work certified not paid by the contractee till completion of the work

A contract in which the price is fixed in advance is a ………….. contract

Incidental residue from manufacture with recoverable value

Costing and Cost Units

Costing and Profitability Analysis

Costing and Product Analysis

Marginal Costing, Budgeting, and Costing Techniques

Budgeting and Costing

Costing and Contracting

Contractor Payments and Profit Calculation

Filters