Question on: SS3 Accounting - Contract Account - Terminologies Used
What is retention?
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A
An invoice requesting payment from a client
B
A percentage of the contract value withheld by the client as security for the contractor's performance
C
A document issued by the client authorizing the contractor to provide goods or services
D
Changes made to the contract or scope of work that affect the agreed-upon price and timeline
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Correct Option: B
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