Actual loss is less than the predetermined normal loss, it is ________.
A. normal loss
B. abnormal loss
C. seasonal loss
D. abnormal gain
Answer: Option D
Solution(By Examveda Team)
Actual loss is less than the predetermined normal loss, it is abnormal gain. If the actual loss is more than normal loss, then it is abnormal loss.Related Questions on Costing
Basic objective of cost accounting is ________
A. tax compliance.
B. financial audit.
C. cost ascertainment.
D. profit analysis.
Process costing is suitable for ________.
A. hospitals
B. oil refing firms
C. transport firms
D. brick laying firms
The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost
B. historical cost
C. sunk cost
D. shutdown cost
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