In process costing, the abnormal loss is treated as ……….cost and written off to profit & loss account.

Related MCQs

• …………..process loss should be transferred to costing profit & loss account.
• An input of 5000kg of material introduced into the process and the expected loss is 8% and if the actual output from the process is 4300, the abnormal loss is …………kg
• When actual loss is ………………than the estimated loss, the difference between the two is considered to be abnormal loss.
• The method of costing applied in biscuit industries is ………….costing and in steel industry………….costing.
• Batch costing is a form of specific order/job costing where the cost per unit is ascertained by _________ the total cost of a batch by the number of items produced in that batch.
• Over valuation of ________ in cost accounts is deducted to costing profit to find out financial profit.
• 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…………..
• If the amount of work certified is less than………of the contract price, then no profit should be taken to Profit & Loss Account.
• When actual loss is ………..than the estimated loss, the difference between the two is considered to be abnormal gain
• The deviation of the actual cost or profit or sales from the standard cost or profit or sale is known as …………