In case of large contracts the system of progress payment is adopted. The amount of such progress payment will be equal to :

CS Executive · Cost and Management Accounting · PYQS · June 2018
In case of large contracts the system of progress payment is adopted. The amount of such progress payment will be equal to :
(A) Value of work certified - Retention money
(B) Value of work certified + Retention money
(C) Value of work certified + Work uncertified - Retention money
(D) Value of work certified + Work uncertified + Material in hand - Retention money

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Cost and Management Accounting

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