A contract is generally of ………………..duration.

Related MCQs

• Sub contract cost is always to be treated as ……………….to the contract.
• Escalation clause is generally included in case of …………..contract agreement .
• Job costing is a costing method applied where work is undertaken to customers’ special requirements and each order is of comparatively short duration.
• 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 ……………..
• WIP in contract means:
• Profit in incomplete contract in known as notional profit because: