.............……….process loss should be transferred to costing profit & loss account.

Related MCQs

• In process costing, the abnormal loss is treated as .............. cost and written off to profit & loss account.
• If the amount of work certified is less than…......... of the contract price, then no profit should be taken to Profit & Loss Account.
• .......................Under marginal costing, …………… costs are treated as period costs and charged to profit and loss account for the period for which they are incured.
• The method of costing applied in biscuit industries is...................costing and in steel industry…............. costing.
• 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…………..
• Process costing is also known as…......................costing.
• The loss incurred on an incomplete contract is transferred to ………….account.
• In inter process profits, the output of one process is transferred from one process to another not at …………….but at ……………….
• The budget which usually takes the form of budgeted profit and loss account and balance sheet is known as
• Operating costing is also known as........................costing.