Which of the following statements is wrong with reference to contract costing —

(A) Cost plus contract is suitable where it is not possible to compute the cost in advance

(B) Upward and downward revision may be possible in contract price by inserting escalation/de-escalation clause

(C) If certified work-in-progress is ¼ or more but less than ½ of the contract price, no profit is to be transferred to profit and loss account

(D) Loss on incomplete contracts should be transferred to profit and loss account.