- 1 Marks
Question
Which of the following is NOT associated with process costing?
A. Normal loss
B. Abnormal loss
C. Abnormal gain
D. Equivalent units
E. Cost of goods sold
Answer
Answer: E
Explanation:
The correct answer is E. In process costing, terms like normal loss, abnormal loss, abnormal gain, and equivalent units are common concepts. “Cost of goods sold” is not typically associated with process costing but is more relevant in job or batch costing, where individual product costings are tracked separately.
- Tags: Abnormal Loss, Costing, Normal Loss, Process Costing
- Level: Level 1
- Topic: Costing Methods
- Series: MAY 2021
- Uploader: Kwame Aikins