Material losses due to abnormal reasons should be transferred to…………………

Related MCQs

• Material consumed is Rs. 5,00,000 Opening stock of raw material is Rs. 50,000 and Closing stock of raw material is Rs. 25,000. What is the cost of raw material purchased?
• 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
• Abnormal cost is …………………..
• When actual loss is................than the estimated loss, the difference between the two is considered to be abnormal gain
• When actual loss is..........................than the estimated loss, the difference between the two is considered to be abnormal loss.
• In process costing, the abnormal loss is treated as .............. cost and written off to profit & loss account.
• .............……….process loss should be transferred to costing profit & loss account.
• ……….represents that quantity of material which is normally ordered when a particular material reaches reordering level.
• The loss incurred on an incomplete contract is transferred to ………….account.
• When the completion stage of a contract is less than ¼, the total expenditure on the contract is transferred to...............................account.