If the amount of work certified is less than………of the contract price, then no profit should be taken to Profit & Loss Account.

Related MCQs

• 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 the completion stage of the contract is more than half, the profit to be credited to Profit and Loss account will be equal to…………..
• …………..process loss should be transferred to costing profit & loss account.
• When the completion stage of a contract is less than ¼, the total expenditure on the contract is transferred to ………………..account.
• In process costing, the abnormal loss is treated as ……….cost and written off to profit & loss account.
• In process costing when the actual loss is less than the normal loss then it is
• When actual loss is ………………than the estimated loss, the difference between the two is considered to be abnormal loss.
• When actual loss is less than the estimated loss, the difference between the two is considered to be……………