Question

contract account is prepared by​

Answer 1

The agreement between the Contractor and the Contractee to complete a job is called a Contract. A contract account is prepared to find out the cost of the contract and to know the profit or loss made on the contract. On the basis of the contract, other similar contracts can be undertaken.

Answer 2

Answer:

The agreement between the Contractor and the Contractee to complete a job is called a Contract. A contract account is prepared to find out the cost of the contract and to know the profit or loss made on the contract. On the basis of the contract, other similar contracts can be undertaken.

Explanation:

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