Multiple Choice Questions on Abnormal loss is charged to ........ for SEBI Grade A ( Officer) Exam Preparation

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Multiple Choice Questions

Abnormal loss is charged to ........

Costing - Phase (I & II) Overview of Cost and Management Accounting
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    Abnormal loss is charged to:

    Costing Profit and Loss Account

    Correct Answer

    Cost of Good output

    Incorrect Answer

    Trading Profit and Loss account

    Incorrect Answer

    Shown as asset in Balance sheet

    Incorrect Answer
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    Explanation:

    Abnormal  loss occurs due to unexpected or abnormal conditions like negligence, accidents, inefficiencies, use of sub-standard materials etc. this loss is charged to Costing Profit and Loss Account.

    Value of Abnormal Loss =Normal Cost of Normal output/Normal output (x) units of abnormal loss

    By: Vikas Goyal
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