Cost and Works Accounting 2 MCQs and Notes
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Q 21. Are the costs of opening WIP, incurred in last period and brought forward as work in progress and the costs that were incurred in the current period, treated the same way?
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Q 22. 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.
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Q 23. When there is closing work in progress, costs are shared between finished units and inventory by calculating a cost per equivalent unit.
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Q 24. An equivalent unit means ‘equal to one finished unit of output’.
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Q 25. When there is closing work in progress (WIP) the concept of _________ is used.
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Q 26. Identify which of the following statement is correct.
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Q 27. When actual loss is less than the expected (normal) loss there is:
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Q 28. 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.
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Q 29. Abnormal loss comes with:
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Q 30. The cost of units of abnormal loss is treated as an _________ for the period, and charged as an ___________for the period
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