An Unlicensed Contractor Who Performs Services Is Entitled to Payment

question 41

True/False

An unlicensed contractor who performs services is entitled to payment for his services even if the licensing statute in question is regulatory in nature.

---

Definitions:

Advanced Company

A designation often used to describe a business that operates with significant technological advancements or innovative products compared to competitors.

Absorption Costing

Absorption costing is an accounting method that includes all manufacturing costs - direct labor, direct materials, and both variable and fixed manufacturing overhead - in the cost of a product.

Product Cost

The total cost associated with making or acquiring a product, including materials, labor, and overhead expenses.

Variable Costing

A costing method that includes only variable manufacturing costs in product costs and treats fixed manufacturing costs as period costs.