Contract Costing
50 Que, 50 Marks
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1- The method of costing used in job order industries is known as ........................ *
1 point
2- In cost plus contracts, the contractor runs a risk of incurring a loss. *
1 point
3- Cost plus contract provides payment of the actual cost of work plus a stipulated profit. *
1 point
4- No profit on uncompleted contracts is taken to profit and loss account, if the value of work-in-progress is less than...........of contract price. *
1 point
5- .....................In a contract provides that the contract price would be suitably enhanced on the happening of a specified contingency. *
1 point
6- Contract in which reimbursement is based on actual allowable cost plus a fixed fee is called................... *
1 point
7- ...............is the aggregated cost relative to a single contract designated a cost unit. *
1 point
8- In contract costing the ...............provides a safeguard against the default risk in the contracts. *
1 point
9- When a contract is not complete at the end of the year, profit on incomplete contract.................... *
1 point
10- Contract costing is generally applied in ....................... *
1 point
11- The costs incurred on contracts that are still at an early stage and not nearly completed are, at the end of the period:........ *
1 point
12- Contract costing is..................... *
1 point
13- The most suitable method to use where products manufactured differ in materials and labour requirements and are made according to customers specification is......................... *
1 point
14- ...................refer to the system of cost ascertainment. *
1 point
15- In which of the following the jobs are usually of long term duration, often more than one accounting period? *
1 point
16- Which of the following is not feature of job costing? *
1 point
17- Job costing used in..................... *
1 point
18- Contract costing is also known as................... *
1 point
19- All materials supplied from the stores or purchased directly for the contract are................to the concerned contract account. *
1 point
20- In the case of transfer of excess material from one contract to other contract, their costs would be adjusted on the basis of.................... *
1 point
21- Labour actually emloyed on the site of the contract is regarded as........................... *
1 point
22- Indirect expenses such as expenses of engineers, surveyors, supervisors etc. may be distributed over several contracts as a percentage of .......................... *
1 point
23- Sub-contract costs are also ...................to the Contract Account. *
1 point
24- In Contract Accounts, the value of the workin-progress consists of ........................ *
1 point
25- In contract costing materials stolen or destroyed by fire will be................... *
1 point
26- Sum received from time to time during the completion of the contract is known as ...................... *
1 point
27- Contract costing is a basic method of.................. *
1 point
28- In contract costing, determination of work in progress include: *
1 point
29- Work Certified is valued at................... *
1 point
30- The degree of completion of work is determined by comparing the work certified with .......................... *
1 point
31- In contract costing credit is taken only for a part of the profit on ....................... *
1 point
32- Escalation Clause in a contract to prefect the interest of....................... *
1 point
33- In contract costing payment of cash to the contractor is made on the basis of......................... *
1 point
34- Cash received on contract is credited to................ *
1 point
35- Notional profit represents difference between .........................and ......................... *
1 point
36- Contract costing is not used in one of the following industries? *
1 point
37- The sum of value of work certified and uncertified appearing in the Contract Account is called........................ *
1 point
38- The loss incurred on an incomplete contract is transferred to.......................... *
1 point
39- When no estimate can be possible, the suitable method is..................... *
1 point
40- Profit on incomplete contract is known as notional profit  because.................... *
1 point
41- Profit remaining reserve is................. *
1 point
42- If the notional profit on a contract for Rs. 3,00,000 is Rs. 60,000 and the contract is 60% complete. The retention money is 20% of the certified value, then the amount of profit that can be prudently credited to Profit & Loss A/c =? *
1 point
43- In a contract which was completed more than 50%, Rs. 36,978.50 profit was considered and transferred to profit & loss account. Work certified and cash received was Rs. 10,70,000 & Rs. 9,90,000 respectively.   Notional Profit = ? *
1 point
44- A machine costing Rs. 30,000 remained in use on site for 1/5th of year. Its working life was estimated at 5 years and scrap value at Rs. 2,000. 2/3rd of the contract was completed.  Depreciation on machinery = ? *
1 point
45- The terms of contact provide that whole of the amount shown by the architect's certificate shall not be paid immediately but a percentage thereof shall be paid. The amount not paid is termed as - *
1 point
46- The total profit on a contract of Rs. 3,00,000 is Rs. 60,000 when the contract is 60% complete and has been certified. If the retention money is 20% of the certified value, the amount of profit that can be prudently credited to profit and loss account is - *
1 point
47- Contract costing is used in which of the following - *
1 point
48- In contract costing, which of the following provides safeguard against any fluctuation in the prices of material, labour, etc. *
1 point
49- In contract costing, the whole of the amount shown under architect's certificate is not paid immediately, but a part thereof is paid after the contract is completed. Such amount is known as - *
1 point
50- The company commenced work on a contact on 1.1.2015. A machine costing Rs. 1,30,000 had been on the  site for 146 days. Its working life is estimated at seven years and its final scrap value at Rs. 7,500. Depreciation to be charged on machine = Rs. ? *
1 point
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