A contract account is a _______ account in nature.

Related MCQs

• When the completion stage of a contract is less than ¼, the total expenditure on the contract is transferred to ………………..account.
• Loss which unavoidable on account of inherent nature of production processes is
• The loss incurred on an incomplete contract is transferred to …………….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.
• 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
• The sum of value of work certified and uncertified appearing in the contract account is called
• Which of the following is / are true with regard to the period of budget? i) the budget period depends on the nature of industry ii) master budget is prepared annually while functional budget may be for different periods iii) Basic budget is the long term budget
• Maintenance charges are in the nature of …………………expenses.