BANK SEBI Grade A Phase 1 & Phase 2 Mock Test 2024 Accounting and Auditing Cost and Management Accounting
In contract costing, retention money is best described as:
1
A bonus paid to contractors for early completion of the contract
2
A penalty charged to contractors for delays in project completion
3
A portion of the contract price withheld until the project is completed satisfactorily
4
The total cost incurred by the contractor during the project
5
The final payment made to the contractor after project completion