CMA December 2023

•Contract costing is a specialized system of --------- applies to long-term contracts as distinct from short-term jobs.

• job costing

• cost statement

• accounting statement

• batch costing

Contract or -------------costing is the term applied to the system adopted by those businesses which carry out substancial building or constructional contracts

• terminal

• job

• construction

• project

The amount of cash paid out of the work certified is about ------ and the remaining amount is called ------------ money

• 50, cushion

• 60, caution

• 65, risk

• 80, retention

The cost of work certified deducted from value of work certified is --------------------

• notional profit

• estimated profit

• tentative profit

• budgeted profit

The contract price of contract no:250 is INR 50,00,000, notional profit is INR 5,00,000, cash received is INR 30,00,000 and work certified was INR 35,00,000. Calculate profit to be transferred to Profit and Loss Account

• 2,82,857

• 2,28,857

• 2,82,587

• 2,28,758

If cash received on work certified is 75 percent of work certified and amounted to INR 30,00,000 what was the amount of work certified?

• 50,00,000

• 40,00,000

• 45,00,000

• 35,00,000

•------------------------ is a technique of costing in which only variable costs are accumulated and the costs are ascertained only on the basis of variable costs.

• Marginal Costing

• Absorption Costing

• Job Costing

• Process Costing

_____ is the difference between the selling price and marginal cost

• Contribution

• Variable Cost

• Profit

• Fixed Cost

In a firm suffering loss the contribution will be equal to -----------------

• Fixed Cost less loss

• Fixed Cost

• Fixed Cost plus profit

• Fixed Cost and Variable Cost

What will be the contribution if the fixed cost is INR 3,00,000 and profit is INR 1,20,000

• INR 4,20,000

• INR 3,00,000

• INR 1,80,000

• INR 5,40,000