Question 1
What is the significance of understanding theoretical aspects before solving contract costing problems?
Question 2
How is 'work certified' calculated from cash received?
Question 3
In Problem 3, what is the formula to adjust contract cost?
Question 4
In Problem 1, what would be the total work in progress if cash received is ₹2,70,000 and work uncertified is ₹30,000?
Question 5
Why is understanding the percentage of completion crucial in contract costing?
Question 6
Which rule is applied if the work completed is more than 25% but less than 50%?
Question 7
What estimation is crucial in Problem 5 for calculating future profit?
Question 8
What happens to notional profit when work completed is less than or equal to 25%?
Question 9
What is included in the calculation of total estimated expenditure?
Question 10
What is the percentage of cash received in Problem 4 if ₹81,600 cash received for work certified of ₹100,000?
Question 11
What percentage of notional profit is transferred to P&L when the work is more than 50% complete?
Question 12
How is notional profit calculated in contract costing problems?
Question 13
In contract costing, what does 'work uncertified' represent?
Question 14
In Problem 5, how is contingency calculated for the overall contract?
Question 15
For Problem 2, if 70% of work is certified, what is the value of work certified?