ExamVeda
Login
Home

In process costing if an abnormal loss arises the process account...

This question belongs to Commerce Costing
Costing
?

In process costing, if an abnormal loss arises, the process account is generally.

Answer & Solution
Correct Answer: Option D
In process costing, if an abnormal loss arises, the process account is generally credited with the full production cost of the abnormal loss units. Abnormal loss (a cost) is credited to the process account and abnormal gain (a benefit) is debited to the process account.
Examveda
Question posted by Examveda
Community

Join the Discussion

No comments yet Be the first to discuss this question.
Keep Learning

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
Cost classification can be done in ________.
A. two ways B. three ways C. four ways D. several ways
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
More Related Questions on Costing