Process Costing

__________ is the excess of actual output over normal output.

• Actual output

• Abnormal Loss

• Normal Loss

• Abnormal Gain

Scrap value of __________ is credited to process A/c.

• normal loss

• abnormal loss

• normal gain

• abnormal gain

______________ are of relatively smaller / insignificant value.

• substitute product

• complementary product

• by-product

• joint product

Balance in the abnormal loss account is transferred to _____

• Costing Profit & Loss A/c

• Balance sheet

• Process A/c

• Contract A/c

In process accounts, _________ does not have a realisable value

• normal loss

• abnormal scrap loss

• scrap loss

• weight loss

The loss which arises due to abnormal circumstances is _____ loss.

• Normal

• abnormal

• net

• gross

In process accounts, _____ is treated as a part of the cost of production.

• normal loss

• abnormal loss

• net loss

• gross loss

Normal Output is calculated as __________.

• Input less Abnormal Loss

• Input less Normal Loss

• Input less Abnormal Gain

• Input add Abnormal Loss

In Process Costing, unit cost of a product is calculated as ___________.

• Normal Cost ÷ Normal Output

• Total Cost ÷ Normal Output

• Normal Cost ÷ Total Output

• Total Cost ÷ Total Output

In process costing, each producing department is a __________

• cost unit

• cost centre

• investment centre

• sales centre