Q166
Cost of contract and profit or loss thereon are determined by preparing ________.
A.
cost sheet
B.
profit and loss a/c
C.
trading a/c
D.
separate ledger a/c
AnswerAnswer: Option D
Solution
Answer: Option D
Solution:
Cost of contract and profit or loss thereon are determined by preparing separate ledger a/c. A separate contract account is prepared for each contract.