Question

Which of the following
is correct in respect of
Process Costing.
a(Normal Loss - not borne by
good units of production.
b)Abnormal Loss - debited to
Process Account.
c)Abnormal gain - It is inherent
result of the particular process
d)out put of one Process -
Input for the next Process​

Answer 1

Answer:

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Answer 2

d)Output of one process-input for the next process.

There several raw materials that need to go through two or more process to become a finished good. To record cost at each process and determine abnormal loss and gain we need to prepare the process account. In the process account, we take raw material, labor, and other cost and, scrap value in case of normal loss.

So, when the cost of one process is computed it will get transferred to another account and will be treated as an input for the next process.