clause, the contract price increases due to the increase in the prices of 51. Under the inputs. A. OPromotional Clause B. OSituational Clause C. OEscalation Clause D. OElevation Clause 53. If the Contract is of 5,00,000 and Work certified is 80% of the total contract work, the value of work certified is ____ O A. 400,000 O B.625,000 O C. 600,000 O D.580,000 54. Loss of material due to negligence in handling, machine breakdown is an example of O A. None of these O B. Expired cost O C. Normal cost O D. Abnormal cost 55. is a contract in which the contract price is ascertained by adding a specified amount of profit to the cost allowed on the contract. A. OCost plus contract B. OAdditional Contract C. OSub Contract D. Double Contract 56. Who is a contractee? Within the context of Contract costing O A. The one who accomplishes (Recieves work and finishes it) the contract succesfully O B. None of these O C. The one who takes a sub contract of the work O D. The one who gives work to be accomplished after being convinced with the quote given for work 57. is the difference between the value of Closing stocks, Work in progress and the total cost incurred on the same. A. ONotional Profit B. OEscalation Fees C. ONet Profit D. Estimated Profit 58. Scrap value of normal loss is O A. debited to Process A/C O B. debited to Financial A/C O C. credited to costing P&L a/c O D. credited to Process A/C