Under Cost Accounting, abnormal wastage of material is transferred to: MCQ with Answer and Explanation

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Under Cost Accounting, abnormal wastage of material is transferred to:

A. Factory Overheads Account

B. Work in Progress Account

C. Finished Goods Account

D. Costing Profit & Loss Account

Answer: Option D

Solution (By JKSSB Mock Tests)

Abnormal losses are not treated as a cost of production; they are transferred directly to the Costing P&L account to avoid inflating product costs.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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In the absence of any agreement, partners share profits:

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Correct Answer: Option B

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Indian Partnership Act mandates equal sharing.

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The 'Green Accounting' is also known as:

A. Human resource accounting

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Correct Answer: Option C

Explanation:
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The 'Place of Supply' for inter-state supply is:

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Correct Answer: Option B

Explanation:
For inter-state, place of supply generally is the destination state.

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