The sum of value of work certified and uncertified appearing in the Contract Account is called ……………..

Related MCQs

• The sum of value of work certified and uncertified appearing in the Contract Account is called
• The sum of value of work certified and uncertified appearing in the contract account is called
• If the amount of work certified is less than………of the contract price, then no profit should be taken to Profit & Loss Account.
• Work which has been done but not certified is called
• When the completion stage of a contract is less than ¼, the total expenditure on the contract is transferred to ………………..account.
• A contract account is a _______ account in nature.
• 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 loss incurred on an incomplete contract is transferred to …………….account.
• A company estimates its direct material requirements for the month of November 2014 to be Rs. 2,40,000 and the direct labour to be Rs. 1,500,00. It is the policy of the company to absorb overheads as under : Factory overheads 60% of direct wages Administrative overheads 20% of work cost Selling and distribution overheads 25% of work cost it is estimated that the selling and distribution overheads will increase by 15% in November the budgeted sales for the month of November 2014 is
• The work done beyond the normal work period is called: -