Costing - Study Mode

[#921] Inflated price method of valuing material issues is suitable when . . . . . . . .
Correct Answer

(A) materials are subject to natural wastage

[#922] The main objective of Cost Accounting is to
Correct Answer

(C) Provide information to management for decision making

[#923] The process costing is not used in one of the following:
Correct Answer

(C) cement

[#924] Which of the following will be affected by normal loss?
Correct Answer

(D) cost of Good units

Explanation

Solution: Cost of Good units will be affected by normal loss.

[#925] Actual loss is less than the predetermined normal loss, it is ________.
Correct Answer

(D) abnormal gain

Explanation

Solution: Actual loss is less than the predetermined normal loss, it is abnormal gain. If the actual loss is more than normal loss, then it is abnormal loss.