Golgappa.net | Golgappa.org | BagIndia.net | BodyIndia.Com | CabIndia.net | CarsBikes.net | CarsBikes.org | CashIndia.net | ConsumerIndia.net | CookingIndia.net | DataIndia.net | DealIndia.net | EmailIndia.net | FirstTablet.com | FirstTourist.com | ForsaleIndia.net | IndiaBody.Com | IndiaCab.net | IndiaCash.net | IndiaModel.net | KidForum.net | OfficeIndia.net | PaysIndia.com | RestaurantIndia.net | RestaurantsIndia.net | SaleForum.net | SellForum.net | SoldIndia.com | StarIndia.net | TomatoCab.com | TomatoCabs.com | TownIndia.com
Interested to Buy Any Domain ? << Click Here >> for more details...


Your marketing company has been working on a consulting
project for a client. Your team has worked on the project
for two months, and it is now year-end. The project will be
completed by February of the next year, and the client has
not yet been billed. For the financial statement, how
should project be classified?Should the costs associated
with an uncompleted consulting project be classified as a
work-in-process asset on the balance sheet or should the
cost be expensed on the income statement as a part of the
doing business?why?

Answers were Sorted based on User's Feedback



Your marketing company has been working on a consulting project for a client. Your team has worked..

Answer / sheril

work in progress in balance sheet

Is This Answer Correct ?    3 Yes 0 No

Your marketing company has been working on a consulting project for a client. Your team has worked..

Answer / h.r. sreepada bhagi

As mentioned by Sheril, money spent on the project should be
shown as Work-in-process in the period end Balance Sheet. If
it's charged off to the Profit & Loss A/c in the year of
spending, with our recognising the income associated with,
it will not be in Line with Accrual Concept of Accounting
(Refer the relevant AS issued by ICAI for accounting in
India of the relevant IAS/IFRS (if required for a foreign or
multinational company)

Is This Answer Correct ?    0 Yes 1 No

Post New Answer

More Accounting General Interview Questions

is goods in transit will be liable for entry tax ?

0 Answers  


Q1.How depreciation deffer from depletion? Q2.show the main benefit from calculating and recording depreciation.

0 Answers  


Describe in brief introduction of Account.

2 Answers  


how to calculate the rate of hard ,soft and very very hard rock rate of cubic meter

0 Answers  


what differance Between Capital reserv and reserve capital?

4 Answers   Dharampal Satyapal Limited, Genpact,


You are using the accounts approach to parallel valuation and classic assets accounting. You need to create a new financial statement version to valuation based of IFRS principles. In asset accounting, what posting options can you choose for the new depreciation area? (any 2 answer) Area post in real time Area posts APC directly and depreciation periodically Area posts APC only directly Area posts APC and depreciation periodically

0 Answers   IBM,


we received from chq from particular firm.how to make entry in tally9.0? And Particular firm under which group.(Sundry debtor or sundry creditor?

7 Answers   Banking,


Tell us what do you believe should be an important quality of an account executive?

0 Answers  


Define depreciation and its types?

0 Answers  


How many Accounting standards are there in India ?

4 Answers  


I purchased a Car & paid 10,000/- Rs. Cash & 50000/- Rs. By Loan. What will be the Entry ??

7 Answers   Focus,


what is Service tax rate

6 Answers  


Categories