When the completion stage of the contract is more than half, the profit to be credited to Profit and Loss account will be equal to…………..

Related MCQs

• When the completion stage of a contract is less than ¼, the total expenditure on the contract is transferred to ………………..account.
• If the amount of work certified is less than………of the contract price, then no profit should be taken to Profit & Loss Account.
• In process costing, the abnormal loss is treated as ……….cost and written off to profit & loss account.
• …………..process loss should be transferred to costing profit & loss account.
• When actual loss is ………………than the estimated loss, the difference between the two is considered to be abnormal loss.
• When the actual loss is more than the estimated loss, the difference between the two is considered to be………..
• If the actual loss is more than the estimated normal loss, then it is
• The budget which commonly takes the form of budgeted profit and loss account and balance sheet is
• The loss incurred on an incomplete contract is transferred to …………….account.
• A contract account is a _______ account in nature.