B.Com (General) Semester 6 (TYBcom) - University of Mumbai Question Bank Solutions for Cost Accounting(Financial Accounting and Auditing 10)

Multiple Choice Question :
Incomplete Contracts are referred to as ............... .

Multiple Choice Question :
Cost of plant issued to site is ................ Contract Account

Multiple Choice Question :
Contract Costing is also known as ...............

Multiple Choice Question :
Cost unit in Contract Costing is ................

State whether the following statement is True or False :
A contract is a big job while a job is small contract.

State whether the following statement is True or False :
Retention Money= Value of Work Certified- Cash received.

State whether the following statement is True or False :
Escalation Clause is inserted in contract agreement to avoid the element of risk due to rising prices.

State whether the following statement is True or False :
Work Certified is shown in contract account of cost.

State whether the following statement is True or False :
There is difference between notional profit and estimated profit..

State whether the following statement is True or False :
In case of most of the contracts, entire payment is made in advance.

State whether the following statement is True or False :
Contract costing is also known as 'Terminal Costing'.

State whether the following statement is True or False :
Contract costing is used in ship building industry.

State whether the following statement is True or False :
In Cost Plus Contract, contractor runs risk of incurring loss.

Fill in the Blank :
________contract provides for payment of actual cost and stipulated profit.

Fill in the Blank:
In Contract costing, payment of cash to the contractor is made on the basis of_________work.

Fill in the Blank :
________ in the contract provides that the contract price would be suitably enhanced on the happening of a specified contingency.

Fill in the Blank :
The loss incurred on an incomplete contract is transferred to ________ Account.

Fill in the Blank:
Cash received Rs. 4,80,000 being 80% of work certified then value of work certified will be ______

Fill in the Blank:
Under the ______ clause, the contract price is increased for a given increase in the prices of inputs.

Fill in the Blank :
Where the estimated cost of contract cannot be ascertained accurately __________ contract method is generally used.