Discussion
Which of the following statement/s is/are correct?
Statement-1: Contract Costing is a type of costing used in constructional activities such as construction of buildings, roads, bridges etc.
Statement-2: The person who takes contract for a price is called the Contractee and the person from whom it is taken is called the Contractor
Answer: A
Only statement-1 is correct. Contract costing is the costing method used for construction work such as buildings, roads and bridges, where each contract is a separate job. Statement-2 reverses the two parties: the person who gives the contract for a price is the contractee, and the person who undertakes and executes it is the contractor. Because statement-2 states it the wrong way round, it is incorrect.
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