Cost and Works Accounting 2
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Q 41. Normal loss is ___________in the normal course of events. It is inherent in the physical and chemical reactions that take place in a process.
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Q 42. Normal loss is usually expressed as a percentage of the input units of materials.
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Q 43. In a process costing system loss might be:
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Q 44. It is possible to have abnormal loss and abnormal gain on the same process account in the same period.
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Q 45. Sub contract cost is always to be treated as ……………….to the contract.
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Q 46. Escalation Clause aims at safeguarding the interest of the ……………….against unforeseen rise in cost.
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Q 47. Cost of defective materials should be……………………to costing P/L account and……………….to contract account.
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Q 48. Work certified in a subsequent year is always ……………… than that the in preceding year.
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Q 49. When cash ratio is …….. retention money is 13%.
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