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…………..

Related MCQs

• When the completion stage of a contract is less than ¼, the total expenditure on the contract is transferred to...............................account.
• If the amount of work certified is less than…......... of the contract price, then no profit should be taken to Profit & Loss Account.
• In process costing, the abnormal loss is treated as .............. cost and written off to profit & loss account.
• .............……….process loss should be transferred to costing profit & loss account.
• When actual loss is..........................than the estimated loss, the difference between the two is considered to be abnormal loss.
• When the actual loss is more than the estimated loss, the difference between the two is considered to be………..
• .......................Under marginal costing, …………… costs are treated as period costs and charged to profit and loss account for the period for which they are incured.
• The budget which usually takes the form of budgeted profit and loss account and balance sheet is known as
• The loss incurred on an incomplete contract is transferred to ………….account.
• Stock Adjustment Account is debited with ……….and credited with ………..