When the completion stage of a contract is less than ¼, the total expenditure on the contract is transferred to ………………..account.

Related MCQs

• 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…………..
• If the amount of work certified is less than………of the contract price, then no profit should be taken to Profit & Loss Account.
• The loss incurred on an incomplete contract is transferred to …………….account.
• A contract account is a _______ account in nature.
• …………..process loss should be transferred to costing profit & loss account.
• Profit to be transferred to P& L A/c , if the contract is complete to the extent of only 20% is _____.
• The sum of value of work certified and uncertified appearing in the Contract Account is called ……………..
• The sum of value of work certified and uncertified appearing in the Contract Account is called
• The sum of value of work certified and uncertified appearing in the contract account is called
• When actual loss is less than the estimated loss, the difference between the two is considered to be……………