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

Adjustments, provide for depreciation at 10%p.a at cost for equipment and 1...

provide for depreciation at 10%p.a at cost for equipment and 15% at book value for vehicles

Liquidation, The liquidation of the Marks, Norris, Smith, and Savannah part...

The liquidation of the Marks, Norris, Smith, and Savannah partnership:

T-account, Received 10,000 contribution from bill london in exchange for co...

Received 10,000 contribution from bill london in exchange for common stock What 2 accounts are used

Financial statements, Describe the following questions:- Q.1 Explain how...

Describe the following questions:- Q.1 Explain how financial statements assist in the capital allocation process. How are financial statements limited? Which financial statement

Normal values of accounting ratios, Comparison with Sector Averages Any...

Comparison with Sector Averages Any conclusion relating to the signs of overtrading needs to be put in the context of the normal values of accounting ratios indicated by the se

Explain the matching principle, Q. Explain the Matching Principle? Matc...

Q. Explain the Matching Principle? Matching Principle - A basic concept of basic accounting. In any one given accounting period, you must try to match the revenue you are repor

Calculated market capitalization, What have been the dividends per share? ...

What have been the dividends per share? What is the CAGR of dividends per share from 2008 to 2010? What was the retention ratio for 2008 to 2010? Calculate the DPS growth

Write up the necessary ledger accounts, Question: Agatha Co. is a tradi...

Question: Agatha Co. is a trading company making up its accounts regularly to 31 December each year. At 01 January 2005 the following balances existed in the records of Agat

Which of the following statements is true, Richard Company had 102,000 shar...

Richard Company had 102,000 shares of $5 par value common stock issued and outstanding before repurchasing 10,200 shares for $76,500. Richard had received $2,040,000 cash from shar

Business mathamatics, im doing compound interest my calculator doest have a...

im doing compound interest my calculator doest have anxy butyx cant do nothing with the ten being the power of .9

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