Process Costing
Q. What is Process Costing ?Ans. Process costing is that form of operation costing which is used to ascertain the cost of product at each process or stage of manufacture.
Q. What is Normal Loss ?
Ans. This is a loss which is unavoidable on accounts of inherent nature of production process. Such loss can be estimated in advance on the basic of past experiences.
Q. What is Abnormal Loss ?
Ans. Any loss which is caused by some unexpected or abnormal condition such as accident, plant breakdown, etc is called abnormal loss.
Q. What is Abnormal Gain ?
Ans. When production exceeds the normal production, thus the excess production is known as abnormal gain.
Q. What is equivalent unit/equivalent production ?
Ans. Equivalent production means converting the in-complete production into there equivalent complete unit/production.
Q. What is Inter-process profit ?
Ans. The difference between the transferred price and cost price is known as inter-process profit.
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