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(a) Explain the following terms as used in process costing: (i) Normal losses (ii) Abnormal losses (iii) Equivalent production (iv)...

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(a) Explain the following terms as used in process costing:

(i) Normal losses

(ii) Abnormal losses

(iii) Equivalent production

(iv) Joint cost

(v) Split-off point.


(b) In process costing, it is neither the technology nor the costs incurred, but the market price of the item, which determines whether an item is classed as:

(i) Scrap or waste; and

(ii) A joint product or a by-product.

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a In process costing the following terms are used i Normal Losses Normal losses refer to the expected and unavoidable losses that occur during the production process These losses are inherent in the p…View the full answer


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Frank Woods Business Accounting Volume 2

Frank Woods Business Accounting Volume 2

ISBN: 9780273693109

10th Edition

Authors: Frank Wood, Alan Sangster

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Question Details
Chapter # 37- Job, batch and process costing
Section: Review Questions
Problem: 11
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Question Posted: September 10, 2023 05:13:17
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