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Q. When actual loss is less than the expected (normal) loss there is:

Q. Job costing is used when a business entity carries out tasks or jobs to meet specific customer orders.

Q. In a process costing system loss might be:

Q. The normal loss is something that is unavoidable in order to get the good output. The cost of the lost units is part of the cost of obtaining the good output.

Q. Which of the following best describes a fixed cost? A cost which:

Q. The cost of abnormal loss is built into inventory.

Q. Which of the following costs is treated as indirect labour?

Q. A cost that is easily traceable to a cost object is known as:

Q. The job costing method can therefore be applied in costing batches. The only difference is that a number of items are being costed together as a single unit, instead of a single item or service.

Q. When there is opening work in progress there are two types of cost on the debit side of the account. These are the costs that were incurred last period and brought forward as work in progress and the costs that were incurred in the current period.