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Q. Profit remaining as reserve is :

Q. If the amount of work certified is less than………of the contract price,then no profit should be taken to Profit & Loss Account.

Q. Wages paid to a office cleaning staff who was engaged in Administration activities a can be termed as.

Q. When actual loss exceeds normal loss, there is:

Q. In service cost sheet costs are classified into :

Q. Production overheads represent indirect materials, indirect wages and indirect expenses attributable to:

Q. Indirect expenses are also known as overheads.

Q. Escalation Clause aims at safeguarding the interest of the ……………….against unforeseen rise in cost.

Q. Indirect production costs are incurred in three main ways: • Production activities: costs arising in production departments such as fuel, depreciation, supervision • Service activities: the cost of operating non-producing departments such as materials handling, canteen • Establishment costs: general production overheads such as factory rent/rates, heating and lighting

Q. In a costing system, a job account is similar to a work in progress account, except that it is for one job only. In a company that specialises in jobbing work, the work in progress account is the total of all the individual job accounts.