{"id":46070,"date":"2024-04-15T22:07:05","date_gmt":"2024-04-15T22:07:05","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=46070"},"modified":"2024-04-15T22:07:05","modified_gmt":"2024-04-15T22:07:05","slug":"the-loss-incurred-on-an-incomplete-contract-is-transferred-to-account","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-loss-incurred-on-an-incomplete-contract-is-transferred-to-account\/","title":{"rendered":"The loss incurred on an incomplete contract is transferred to . . . . . . . . account."},"content":{"rendered":"<p>[amp_mcq option1=&#8221;costing profit and loss account&#8221; option2=&#8221;profit and loss account&#8221; option3=&#8221;trading account&#8221; option4=&#8221;deferred to next year&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>A. costing profit and loss account<\/strong><\/p>\n<p>A costing profit and loss account is a type of financial statement that shows the costs incurred in producing goods or services, as well as the revenue generated from those goods or services. The loss incurred on an incomplete contract is transferred to the costing profit and loss account because it is a cost that has been incurred in the production of goods or services, even though the goods or services have not yet been sold.<\/p>\n<p>The other options are incorrect because:<\/p>\n<ul>\n<li>A profit and loss account is a financial statement that shows the revenue generated and expenses incurred by a business over a period of time. It does not include costs that have been incurred in the production of goods or services that have not yet been sold.<\/li>\n<li>A trading account is a financial statement that shows the revenue generated and expenses incurred by a business from trading activities over a period of time. It does not include costs that have been incurred in the production of goods or services that have not yet been sold.<\/li>\n<li>Deferred to next year is not a type of financial statement.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;costing profit and loss account&#8221; option2=&#8221;profit and loss account&#8221; option3=&#8221;trading account&#8221; option4=&#8221;deferred to next year&#8221; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[952],"tags":[],"class_list":["post-46070","post","type-post","status-publish","format-standard","hentry","category-costing","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The loss incurred on an incomplete contract is transferred to . . . . . . . . account.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/the-loss-incurred-on-an-incomplete-contract-is-transferred-to-account\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The loss incurred on an incomplete contract is transferred to . . . . . . . . account.\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;costing profit and loss account&#8221; option2=&#8221;profit and loss account&#8221; option3=&#8221;trading account&#8221; option4=&#8221;deferred to next year&#8221; correct=&#8221;option1&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/the-loss-incurred-on-an-incomplete-contract-is-transferred-to-account\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T22:07:05+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The loss incurred on an incomplete contract is transferred to . . . . . . . . account.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/the-loss-incurred-on-an-incomplete-contract-is-transferred-to-account\/","og_locale":"en_US","og_type":"article","og_title":"The loss incurred on an incomplete contract is transferred to . . . . . . . . account.","og_description":"[amp_mcq option1=&#8221;costing profit and loss account&#8221; option2=&#8221;profit and loss account&#8221; option3=&#8221;trading account&#8221; option4=&#8221;deferred to next year&#8221; correct=&#8221;option1&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/the-loss-incurred-on-an-incomplete-contract-is-transferred-to-account\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-15T22:07:05+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/the-loss-incurred-on-an-incomplete-contract-is-transferred-to-account\/","url":"https:\/\/exam.pscnotes.com\/mcq\/the-loss-incurred-on-an-incomplete-contract-is-transferred-to-account\/","name":"The loss incurred on an incomplete contract is transferred to . . . . . . . . account.","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-15T22:07:05+00:00","dateModified":"2024-04-15T22:07:05+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/the-loss-incurred-on-an-incomplete-contract-is-transferred-to-account\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/the-loss-incurred-on-an-incomplete-contract-is-transferred-to-account\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/the-loss-incurred-on-an-incomplete-contract-is-transferred-to-account\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"Costing","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/costing\/"},{"@type":"ListItem","position":3,"name":"The loss incurred on an incomplete contract is transferred to . . . . . . . . account."}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/46070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=46070"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/46070\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=46070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=46070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=46070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}