In process costing, the abnormal loss is treated as .............. cost and written off to profit & loss account.

Related MCQs

• .......................Under marginal costing, …………… costs are treated as period costs and charged to profit and loss account for the period for which they are incured.
• .............……….process loss should be transferred to costing profit & loss account.
• 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
• When actual loss is..........................than the estimated loss, the difference between the two is considered to be abnormal loss.
• 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…………..
• If the amount of work certified is less than…......... of the contract price, then no profit should be taken to Profit & Loss Account.
• When actual loss is................than the estimated loss, the difference between the two is considered to be abnormal gain
• Multiple costing is a technique of using two or more costing methods for ascertainment of cost by.
• Process costing is also known as…......................costing.