- 1 Marks
Question
Which of the following is NOT used in process costing?
A. Equivalent units
B. Progress payments
C. Abnormal loss
D. Material introduced
E. Scraps
Answer
B. Progress payments
Explanation:
Process costing focuses on assigning costs to mass-produced identical units. Progress payments are not part of the cost flow; instead, they are more related to contract or project-based costing.
- Tags: Abnormal Loss, Cost Management, Process Costing
- Level: Level 1
- Topic: Costing Methods
- Series: MAY 2017
- Uploader: Kwame Aikins