Explain the following: (i). Notional profit in contract costing. (ii). Retention money in contract costing.
Question:
Explain the following:
(i). Notional profit in contract costing.
(ii). Retention money in contract costing.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (4 reviews)
In contract costing which is a specific method of cost accounting used primarily in construction and similar industries notional profit and retention money are important concepts Heres an explanation ...View the full answer
Answered By
User l_998468
I have extensive tutoring experience, having worked as a private tutor for over three years. I have tutored students from different academic levels, including high school, undergraduate, and graduate levels. My tutoring experience has taught me to be patient, attentive to student needs, and effective in communicating difficult concepts in simple terms.
I have a strong background in statistics, probability theory, data analysis, and data visualization. I am proficient in using statistical software such as R, Python, and SPSS, which are commonly used in academic research and data analysis. Additionally, I have excellent communication and interpersonal skills, which enable me to establish rapport with students, understand their learning styles, and adapt my teaching approach to meet their needs.
I am passionate about teaching and helping students achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...
-
1. The construction industry was enjoying good time three years ago. During those year, your company bought few excavators to stay competitive in the market. Unfortunately business environment...
-
The accountant for Lovely Manufacturing Company compares each month's actual results with a monthly Plan. The standard direct labour rates and the standard hours allowed, given the actual output in...
-
Based on the scenario provided below, write a well-organized essay conforming to the following requirements. The first page should be your title page; the last page is your bibliography of sources....
-
In a medium-sized southern city, 86 houses are for sale, each having about 2000 square feet of floor space. The asking prices vary. The frequency distribution shown contains the price categories for...
-
The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the citys office building to be used by individuals with disabilities. The...
-
How do actors and objects fit in a sequence diagram?
-
Sarah Edwards, division manager for Pillows Plus, is speaking to the controller, Diana Rothman, about the budgeting process. Sarah states, Im not an accountant, so can you explain the three main...
-
Riding a bike at 2 m/s you hear a car coming up behind you traveling in the same direction as you. The car sounds its horn. The horn emits sound at a frequency of 600Jz. You hear the horn at a...
-
Arthur, CPA, is auditing The Home Improvement Store as of December 31, 2021. As with all audit engagements, Arthur's initial procedures are to analyze the entity's financial data by reviewing trends...
-
Compute a conservative estimate of profit on a contract (which is 80% complete) from the following particulars. Illustrate at least four methods of computing the profit: (i) Total expenditure to date...
-
ABC Ltd. began to trade on 1 st January, 2006. During 2006 the company was engaged on only one contract of which the contract price was Rs. 5,00,000. Of the plant and materials charged to the...
-
The student in Problem 5-27 finds a car she likes and the dealer offers to arrange financing. His terms are 12% interest for 60 months and no down payment. The car's sticker price is $12,000. Can she...
-
What transpired during the interview, and how do you feel? Are there any areas you need to work on next time if not successful?
-
Describe how you would evaluate the 4 criteria of qualitative data trustworthiness for the dataset credibility, dependability, confirmability, and transferability.
-
b. 27 9 283 7 x = + 2 3 16 3 x = Round to two decimal places -x+ 86
-
An electric company purchases hot water heaters at wholesale for $200 each and sells them after marking up the wholesale price 40%. If there is also a 4% sales tax, how much would you have to pay the...
-
A commonly prescribed drug on the market for relieving nervous tension is believed to be only 60% effective. What is the probability that in a random sample of 100 adults, more than 70% (more than 70...
-
Many important compounds in the chemical industry are derivatives of ethylene (C2H4). Two of them are acrylonitrile and methyl methacrylate. Complete the Lewis structures for these molecules, showing...
-
What can you do to reduce hunger where you live? To reduce hunger globally?
-
Describe value engineering and its role in target costing
-
Give two examples of a value-added cost and two examples of a non-value-added cost.
-
Give two examples of a value-added cost and two examples of a non-value-added cost.
-
Solve the equation. 6 7 + 1 11 MN
-
Evaluate 13 C4- 13C4 = in an integ
-
Problem 4: Alice and Bob play a game with a pile of n 1 rocks. Alice moves first. On each turn, the players have the choice to either take half of the stones (rounded up) or one stone. The winner is...
Study smarter with the SolutionInn App