UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Process Costing: Calculation of Abnormal Loss
Process Costing: Calculation of Abnormal Loss Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Process Costing: Calculation of Abnormal Loss Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. How do you calculate abnormal loss in process costing? |  |
Ans. Abnormal loss in process costing is calculated by subtracting the normal loss from the actual loss incurred during the production process. The difference represents the abnormal loss.
| 2. What causes abnormal loss in process costing? | |
Ans. Abnormal loss in process costing can be caused by factors such as machine breakdowns, human errors, or external factors like power outages or natural disasters that disrupt the production process.
| 3. How can abnormal loss be minimized in process costing? | |
Ans. Abnormal loss in process costing can be minimized by implementing quality control measures, conducting regular maintenance on machinery, providing training to employees, and implementing contingency plans for unexpected events.
| 4. What is the impact of abnormal loss on the cost of production in process costing? | |
Ans. Abnormal loss in process costing increases the overall cost of production as it represents additional resources that were used but did not result in usable output. This can lead to higher production costs and lower profitability.
| 5. How is abnormal loss treated in cost accounting for decision-making purposes? | |
Ans. In cost accounting, abnormal loss is usually treated as a separate cost item and not allocated to the cost of goods produced. Management may analyze the causes of abnormal loss to make informed decisions on process improvements or resource allocation.
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Nov 24, 2024 Last updated |
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