Identify which of the following statement is correct.

Related MCQs

• Process costing provides a system of costing where the following characteristics occur. Identify which of the following are correct:
• Which of the following statement is correct?
• Which of the following statement is correct with regard to job costing?
• Identify the circumstances where under- or over-recovery of overhead will occur:
• Identify the types of specific order costing.
• Identify the characteristics of services: I. Intangibility: They do not have a physical substance unlike goods. They cannot be held or seen. II. Inseparability: Consumption and creation of a service cannot be separated. Services are consumed as they are created. III. Variability: Services face the problem of maintaining consistency in the standard of output. IV. Perishability: Services cannot be stored. V. Lack of ownership: Services do not result in the transfer of property in anything.
• The over-absorbed overhead is accounted for as an adjustment to the profit in the period, and is added to profit in the cost accounting income statement.
• The disposal cost of abnormal loss is included in the abnormal loss account and therefore in the transfer of the cost of abnormal loss to the statement of profit or loss.
• When the abnormal has a scrape value the net cost of abnormal loss (cost of abnormal loss minus its scrap value) is then transferred as a cost to the cost accounting income statement at the end of the accounting period.
• Which of the following best describes a fixed cost? A cost which: