Question

The loss incurred on an incomplete contract is transferred to …………….account.

A Costing profit and loss account Correct Answer Incorrect Answer
B profit and loss account Correct Answer Incorrect Answer
C trading account Correct Answer Incorrect Answer
D deferred to next year Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

Losses incurred on an incomplete contract is transferred to Costing P & L account.            

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