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Q. When the abnormal has a scrape value the net cost of abnormal loss (cost of abnormal loss minus its scrap value) is then transferred as a cost to the cost accounting income statement at the end of the accounting period.

Q. An example of composite unit in transport costing is:

Q. Which of the methods of apportionment is normally used for apportioning common costs between joint products?

Q. When there is closing work in progress, costs are shared between finished units and inventory by calculating a cost per equivalent unit.

Q. A total of all the direct costs is known as

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

Q. A separate record must therefore be maintained to show the details of individual jobs. Such records are often known as job cost sheets or job cost cards.

Q. The disposal cost of abnormal loss is included in the abnormal loss account and therefore in the transfer of the cost of abnormal loss to the statement of profit or loss.

Q. In job costing each job is given a unique:

Q. Specific order costing methods are appropriate for organizations which produce cost units which are separately identifiable from one another.