Contract Costing

Contract work is carried out at _____ site.

• contractee's

• contractor's

• sub contractors site

• factory

Contract A/c is debited by _____ of plant.

• hire charges

• job charges

• store value

• residual value

Object of _____ is to protect the interest of contractor.

• contract

• escalation

• de-escalation

• retention

In _____ there is no risk of loss.

• Contractee’s A/c

• fixed price contract

• cost plus contract

• sub contract

Work certified factilitates to monitor the _____.

• job

• materials

• plant

• workers

Work done yet to be certified is called _____.

• work certified

• work uncertified

• cash received

• work in progress

Profit on incomplete contract is calculated on the basis of _____ of completion.

• stage

• degree

• retention

• process

In Contract Costing, work uncertified is valued at _____.

• contract price

• sale price

• residual price

• cost price

Sale of scrap is _____ to contract A/c.

• debited

• credited

• omitted

• recorded

Work–in–progress appears as _____ in balance sheet.

• current asset

• non current asset

• current liability

• provision