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Costing - Phase (I & II) Methods of Costing

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

Profit and loss account

Costing Profit and Loss Account

Trading Account

none of these

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Explanation:

In cost accounts overheads are applied to cost units at a predetermined rate and the amount recovered may vary from actual overhead cost incurred. If these differences are written off to Costing Profit and Loss Account the profit figures will agree, otherwise, adjustments are necessary.