Franchise Tax Assume DEF Corp., a franchise grantee authorized to distribute water to the city of Lipa, has  the following results of operations for the year 2020: Gross Receipts from water distribution P 2,000,000 Gross Receipts from lease/rent of equipment 1,000,000 Operating Cost 300,000 How much is the business tax due?

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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.