What is completion report, Financial Accounting

Assignment Help:

Q. What is Completion Report?

The object of a completion report is to compare the cost of work actually constructed with those provided for in the last sanctioned estimate. A completion report of a project duly verified by the accounts officer should be submitted to the Railway board within eighteen months after the end of the financial half-year in which the completion estimate is submitted. It should state the expenditure in the same details as abstract estimate sanctioned by the Railway board and should indicate material modification if any.

The completion report should be prepared in prescribed form and brief explanation should be furnished for: -

i. Excess of not less than 10% or Rs25000/- which ever is less over the estimated provision under each work.

ii. Saving of not less than20% or Rs1,00,000/- which ever is less occurring under each sub-work.

A completion report for work costing Rs one crore and less should be subjected to the detailed instructions issued by the Railway administration and should be prepared in the same form for works costing above Rs one crore. It should compare the actual expenditure incurred with the sanctioned amount and should give details under each sub-work. Brief explanation should be furnished for all excess and savings of over 5% or Rs10,000/- which ever is less. A completion report duly verified by the accounts officer should ordinarily be submitted to the authority that accorded the administrative approval to the work for information or regularization.


Related Discussions:- What is completion report

[email protected], Question 01: (1.1 and 1.3) What is accounting and how...

Question 01: (1.1 and 1.3) What is accounting and how is accounting environment? Question 02: (1.2 and 1.4) Presenting the characteristics of the quality of accounting information

Concept of financial statements , Concept  of Financial statements  Fin...

Concept  of Financial statements  Financial statements portray the financial effect of transactions and events by grouping them into classes broadly called elements. A complete

Jj, liabilities and its types

liabilities and its types

Budget, the following information relates to Thomas limited who decide to c...

the following information relates to Thomas limited who decide to commence business on 01 January 2016 with R375000 cash: what is his budget for February, march, April?

Determine the present value - annuity, Assume you are receiving an amount ...

Assume you are receiving an amount of Rs.5000 twice in a year for subsequent five years one time at the starting of the year and another amount of Rs. 5000 at the ending of the yea

Difference between a static budget and a flexible budget, XYZ Enterprises m...

XYZ Enterprises manufactures tires for the Formula One motor racing circuit. For August 2011, XYZ budgeted to manufacture and sell 3,000 tires at a variable cost of $74 per tire an

Calculate the pv and npv, Question 1 Suppose you take out a loan of $10...

Question 1 Suppose you take out a loan of $10,000, repayable by five equal annual instalments. The interest rate is 10% per year. (a) How much do you need to repay per year

Accounting Project, Can you help me balance my account number out

Can you help me balance my account number out

How useful is accounting information, How useful is accounting information?...

How useful is accounting information? No one would seriously claim that accounting information fully meets all of the needs of every various user groups. Accounting is still a

Determine the amount of retained earnings, From the information provided, d...

From the information provided, determine: 1.) The amount of retained earnings at December 31 and 2.) The amount of revenues for the period. Additional data: 1.)Expenses

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd