If abnormal loss has any scrap value , it should be credited to

Related MCQs

• Units of abnormal loss is………………..in abnormal process A/c and ……………in process A/c
• Units of abnormal gain………………..in process A/c and ……………in abnormal gain A/c
• Any loss over and above the normal loss is called
• ……………….. process loss should be transferred to costing profit and loss account
• The most important criterion for distinguishing between scrap, byproduct and joint product is…………of the products
• If the value of work certified less than 25% of contract price,profit to be credited to P&L is
• If the value of work certified equal to or more than 90% of contract price, profit to be credited is……………….
• When a contract is debited with the original cost of the plant , it should credited with ………… at the end of the year
• Abnormal gain =…………..
• When the actual loss is more than the estimated loss, the difference between the two is considered to be ,………………….