…………..process loss should be transferred to costing profit & loss account.

Related MCQs

• In process costing, the abnormal loss is treated as ……….cost and written off to profit & loss account.
• If the amount of work certified is less than………of the contract price, then no profit should be taken to Profit & Loss Account.
• The method of costing applied in biscuit industries is ………….costing and in steel industry………….costing.
• When the completion stage of the contract is more than half, the profit to be credited to Profit and Loss account will be equal to…………..
• In process costing when the actual loss is less than the normal loss then it is
• Over valuation of ________ in cost accounts is deducted to costing profit to find out financial profit.
• Process costing is also known as……………….costing.
• The loss incurred on an incomplete contract is transferred to …………….account.
• In inter process profits, the output of one process is transferred from one process to another not at …………….but at ……………….
• The budget which commonly takes the form of budgeted profit and loss account and balance sheet is