[amp_mcq option1=”contract a\/c” option2=”work in progress a\/c” option3=”profit and loss a\/c” option4=”contractee a\/c” correct=”option3″]<\/p>\n
The correct answer is C. profit and loss a\/c.<\/p>\n
In case of a complete contract, the whole amount of profit is transferred to the profit and loss account. This is because the contract has been completed and the profit can now be recognized. The profit and loss account is a statement of the income and expenses of a business for a specific period of time. It is used to determine the net income or loss of the business for that period.<\/p>\n
The other options are incorrect because they do not reflect the fact that the contract has been completed. Option A, contract a\/c, is incorrect because this account is used to track the costs and revenues associated with a contract. Option B, work in progress a\/c, is incorrect because this account is used to track the costs of work that is in progress but has not yet been completed. Option D, contractee a\/c, is incorrect because this account is used to track the payments made to the contractor.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”contract a\/c” option2=”work in progress a\/c” option3=”profit and loss a\/c” option4=”contractee a\/c” correct=”option3″]<\/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-54437","post","type-post","status-publish","format-standard","hentry","category-costing","no-featured-image-padding"],"yoast_head":"\n