Pop Quiz 3 FA4

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

On _____ of the contract entire profit is transferred to P & L A/c.

• 25% completion

• 50% completion

• 90% completion

• completion

__________ is debited to the contract A/c.

• Work Certified

• Work Uncertified

• Cash Received

• Sub Contract Cost

Most of the costs in a contract are direct cost.

• True

• False