The budget which usually takes the form of budgeted profit and loss account and balance sheet is known as

Related MCQs

• …….budget may be classified into material cost budget, labour cost budget and overhead budget.
• 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…………..
• In process costing, the abnormal loss is treated as .............. cost and written off to profit & loss account.
• If the amount of work certified is less than…......... of the contract price, then no profit should be taken to Profit & Loss Account.
• The budget which shows the budgeted quantity of output to be produced during a specific period is.
• .............……….process loss should be transferred to costing profit & loss account.
• .......................Under marginal costing, …………… costs are treated as period costs and charged to profit and loss account for the period for which they are incured.
• When actual loss is..........................than the estimated loss, the difference between the two is considered to be abnormal loss.
• …………………budget is the most important budget and it forms the basis on which all the other budgets are built up.
• ………budget gives an estimate of the anticipated receipts and payment of cash during the budget period.