WIP in contract means:

Related MCQs

• The task that sits at the heart of process costing is always to allocate the costs collected on the debit side of the account to the possible outputs (good output, closing WIP and lost units) on the credit side.
• When there is closing work in progress (WIP) the concept of _________ is used.
• Are the costs of opening WIP, incurred in last period and brought forward as work in progress and the costs that were incurred in the current period, treated the same way?
• Sub contract cost is always to be treated as ……………….to the contract.
• The loss incurred on an incomplete contract is transferred to …………….account.
• 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.
• Contract costing is not used in one of the following industries.
• The sum of value of work certified and uncertified appearing in the Contract Account is called ……………..
• Profit in incomplete contract in known as notional profit because: