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

Prepare the necessary journal entries in 2013, Berg Company adopted a stock...

Berg Company adopted a stock-option plan on November 30, 2013, that provided that 73,200 shares of $5 par value stock be designated as available for the granting of options to offi

Calculate break-even point and qualitative factors, Evaluating a Company's ...

Evaluating a Company's Budget Procedures Springfield Corporation operates on a calendar-year basis.  It begins the annual budgeting process in late August, when the president

Kannan, ACC2200 Financial Accounting Assignment Trimester 2, 2013 DUE DATE...

ACC2200 Financial Accounting Assignment Trimester 2, 2013 DUE DATE: Monday, 9th September 2013 VALUE: 15% of OVERALL ASSESSMENT REQUIRED: (1) This research question consists of a

Review a certified public accountant, Review - Accounting service which pro...

Review - Accounting service which provides some assurance as to reliability of financial information. In a review, a CERTIFIED PUBLIC ACCOUNTANT (CPA) doesn't conduct an examinatio

Calculate the weighted average cost of capital, Verizon Corporation has 55%...

Verizon Corporation has 55% equity and 45% debt (market values) in its capital structure. The pretax cost of debt is 7%, and that of equity 12%. The total value of the company is $

Ordinary annuity , Number of Periods of a one Payment a) If you deposit ...

Number of Periods of a one Payment a) If you deposit money today in an account that pays 7.5% yearly interest, how long will it take to double your money? b) What's the future

Leverage, Evaluate the importance of leverage in financial management of a ...

Evaluate the importance of leverage in financial management of a small scale company

Define risk-adjusted discount rates, Q. Define Risk-adjusted discount rates...

Q. Define Risk-adjusted discount rates? One technique in this heading is the assignment of investment projects to one of a set of risk classes all of which has a different disc

Quiz on establishing a base pay structure, I would like you to take the sec...

I would like you to take the second set of data from session 8 (the one you worked with in the first participation exercise) and do the following: 1.  Determine the number of gr

Determine arbitrage-free rate of interest, The government of a country has ...

The government of a country has just issued a series of zero-coupon bonds maturing at the end of years 1, 2, 3 and 4. Suppose the spot rates (or continuously compounded yields per

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