The sum of value of work certified and uncertified appearing in the Contract Account is called ……………..

Related MCQs

• If the amount of work certified is less than………of the contract price,then no profit should be taken to Profit & Loss Account.
• In a costing system, a job account is similar to a work in progress account, except that it is for one job only. In a company that specialises in jobbing work, the work in progress account is the total of all the individual job accounts.
• Work certified in a subsequent year is always ……………… than that the in preceding year.
• Cost of defective materials should be……………………to costing P/L account and……………….to contract account.
• When there is opening work in progress there are two types of cost on the debit side of the account. These are the costs that were incurred last period and brought forward as work in progress and the costs that were incurred in the current period.
• If beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and ending work in process equivalent units are 5000, then complete equivalent units in current period are
• If beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and ending work in process equivalent units are 5000, then complete equivalent units in current period are
• 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…………..
• Sub contract cost is always to be treated as ……………….to the contract.
• The loss incurred on an incomplete contract is transferred to …………….account.