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

Subsidiary companies-group accounts , SUBSIDIARY COMPANIES (1AS 27) A sub...

SUBSIDIARY COMPANIES (1AS 27) A subsidiary company is a company in which the investing company (also called holding or parent company) controls the financial and operating polici

What is the internal rate of return of the project, Hydroponics is consider...

Hydroponics is considering adding another greenhouse that would cost $95,000 and generate $20,000 in annual net cash flows over its 8 year expected life. What is this project's int

Profits in subsidiary company-group accounts, Profits in subsidiary company...

Profits in subsidiary company The remaining profits that belong to the holding company should be split between pre-acquisition profits and post acquisition profits. The pre

Financial accounting , a. Create a worksheet in your excel file and name it...

a. Create a worksheet in your excel file and name it "Part A Q2". In column A to E set up general journal and input the necessary journal entries to record the transactions and eve

Treatment of cash flow - gaap & fasb, The appropriate treatment of Cash flo...

The appropriate treatment of Cash flow in respect of the following items as per US GAAP & FASB - (230-10)  1. Receipt of Insurance settlement proceeds of $2 mill. From an intern

Find out the constant nominal interest rate, You decide to invest 1000 in a...

You decide to invest 1000 in a 5-year Treasury Inflation protected bond that each year offers a return of -1.5% plus the rate of inflation. You assume 1-year inflation rates over t

NON PROFIT ORGANISATIONS, USING PROPER ILLUSTRARTION,ELLOBORATE ON THE REGU...

USING PROPER ILLUSTRARTION,ELLOBORATE ON THE REGULATORY FRAMEWORK THAT SUPPORTS FINANCIAL REPORTING IN NON PROFIT ORGANISATIONS.

Financial mathematics, abc limied is considering whether to invest $90000 ...

abc limied is considering whether to invest $90000 in the purchase of a new item of equipment. The equipment would be paid for with a down-payment of $60000 and the payment of the

Is demand elastic or inelastic , The demand curve for a product is given by...

The demand curve for a product is given by Qxd = 2,000 - 5Px + 0.2Pz, Where, Pz = $500. a. What is the own price elasticity of demand when Px = $120? Is demand elastic or inelasti

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