A material loss during production or storage due to evaporation or shrinkage is called:

Related MCQs

• Expenses incurred during production other than direct materials and direct labour are called…………..factory expenses; those charged to production on estimated basis are called …………….
• When actual loss is ………………than the estimated loss, the difference between the two is considered to be abnormal loss.
• 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
• PP Ltd is preparing the production and material purchase budgets for one of their products, The SUPERX for the forthcoming year. The following information is available: Sales demand (units) 30000 Material usage per unit 7 kgs Estimated opening inventory 3500 units Required closing inventory 35% higher than opening inventory How many units of the SUPERX will need to be produced?
• When the actual loss is more than the estimated loss, the difference between the two is considered to be………..
• When actual loss is less than the estimated loss, the difference between the two is considered to be……………
• When actual loss is ………..than the estimated loss, the difference between the two is considered to be abnormal gain
• …………..process loss should be transferred to costing profit & loss account.
• Where actual loss in a process is less than the anticipated loss, the difference between the two is considered to be ………………..
• In process costing, the abnormal loss is treated as ……….cost and written off to profit & loss account.