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

Piecemeal realizations and distributions, Piecemeal Realizations and Distri...

Piecemeal Realizations and Distributions Partnership dissolutions may take a substantial number of days even months) so it is unlikely that all cash generated will be simultane

Find out the current dividend per share, Find out the Current dividend per ...

Find out the Current dividend per share:   Data Stock price = $ 65 Return = 11% Dividend Yield =  11/ 2 = 5.5 % (given) Formula: Dividend in one year = divid

Identify total proceeds from new securitizations, Refer to Note 8, Securiti...

Refer to Note 8, Securitization Transactions (pp. 78-80) and an extract from Note 2, Additional Balance Sheet and Cash Flow Information (p. 72-73) from the Consolidated Financial S

Determine the amount of translation adjustment, Alliance Corporation (an Au...

Alliance Corporation (an Australian company) invests 1,000,000 marks in a foreign subsidiary on January 1, Year 1. The subsidiary commences operations on that date, and generates n

Impairment of Long-lived assets, How to calculate fair value of long-lived ...

How to calculate fair value of long-lived asset when the information about fair value is not available?

Accounts relate to keenal real estate, Prepare a financial statement from a...

Prepare a financial statement from alphabetic listing of accounts: A number of accounts balances are listed below these accounts relate to Keenal Real Estate. During the year just

Balance sheet, limitations of the balance sheet

limitations of the balance sheet

Resulting trusts-trusts laws and accounts, Resulting trusts Resulting t...

Resulting trusts Resulting trusts occur where equity regards the property which is held by a trustee as belonging in equity to the person who transferred it to, or caused it to

Half secret trusts-secret trusts-trusts laws and accounts, Half secret trus...

Half secret trusts In this type of trust the will states that the gift is on trust, but the name of the beneficiary is not specified. Since the existence of a trust is disclose

Help, I need help with my homework

I need help with my homework

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