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Which account is debited when there is an abnormal loss related with material cost? a. Factory overhead A/c b. Work in progress A/c c. Costing profit and loss A/c d. Raw material inventory A/c

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 10MC: Assigning indirect costs to specific jobs is completed by which of the following? applying the costs...

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Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Which account is debited when there is an
abnormal loss related with material cost?
a. Factory overhead A/c
b. Work in progress A/c
O c. Costing profit and loss A/c
O d. Raw material inventory A/c

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