1. Engineer Delta earned a total project fees during the period in the amount of P1,250,000. In computing for his taxable income, he decided to use the optional standard deduction of 40%. How much is the amount allowed to be deducted from his total income? 2. How much is Engineer Delta's income tax due?  3. How much is Engineer Delta's taxable professional income for the period?

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.