If the amount of work certified is less than…......... of the contract price, then no profit should be taken to Profit & Loss Account.

Related MCQs

• 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…………..
• The sum of value of work certified and uncertified appearing in the Contract Account is called ……………..
• When the completion stage of a contract is less than ¼, the total expenditure on the contract is transferred to...............................account.
• .............……….process loss should be transferred to costing profit & loss account.
• In process costing, the abnormal loss is treated as .............. cost and written off to profit & loss account.
• When actual loss is..........................than the estimated loss, the difference between the two is considered to be abnormal loss.
• When actual loss is less than the estimated loss, the difference between the two is considered to be……………
• Where actual loss in a process is less than the anticipated loss, the difference between the two is considered to be ………………..
• …..arises where the actual process loss is less than the normal predetermined process loss.
• If selling price is Rs. 25,000 and profit is Rs. 5,000 then what is the percentage of profit on cast?