The loss incurred on an incomplete contract is transferred to ………….account.

Related MCQs

• .............……….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.
• When actual loss is..........................than the estimated loss, the difference between the two is considered to be abnormal loss.
• In process costing, the abnormal loss is treated as .............. cost and written off to profit & loss 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.
• When the actual loss is more than the estimated loss, the difference between the two is considered to be………..
• When actual loss is less than the estimated loss, the difference between the two is considered to be……………
• When actual loss is................than the estimated loss, the difference between the two is considered to be abnormal gain
• Where actual loss in a process is less than the anticipated loss, the difference between the two is considered to be ………………..