WorksheetsProcess Costing
Total questions: 20
Worksheet time: 10mins
__________ 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
Process costing is applicable in _________.
construction industry
ship building industry
airline company
Pharmaceutical industry
The cost incurred prior to the point of separation of the joint or by-products are termed as _______.
process cost
joint cost
main cost
separable cost
An item of low value incidentally arising in a process is called _________.
joint product
by-product
scrap
waste
In a process, main product and by-product are differentiated by __________.
number of units per processing period
weight of output per period
volume of output per period
amount of sales value per unit
In process costing, the net realisable value is calculated as _______.
sales value at split off point
sales price less fixed cost
sales price less joint cost
sales price less cost to complete the product
By product has equal economic importance.
True
False
In process costing _____ product is manufacured.
customised
unique
standardised
heterogeneous
Scrap value of normal loss is _____ to process account.
debited
credited
ignored
not recorded
Percentage of ________ is decided in advance.
normal loss
abnormal loss
abnormal gain
output
_____ is treated as cost of production.
Normal Loss
Abnormal Loss
Abnormal Gain
Cost of Asset
