Difference between normal and abnormal loss
Difference between normal and abnormal loss is that normal loss occurred during production. Difference between normal and abnormal loss is that normal loss is calculated and abnormal loss is compensated. Difference between normal and abnormal loss also describes that precautionary measures can be taken to avoid abnormal loss but normal loss can’t be avoided.
Following is the difference between Financial Accounting and Cost Accounting Financial Accounting Cost Accounting 1.Provides information to external 1.Provides information to internal users. 2. Provides general purpose financial statementsand reports 2. Provides special purpose statements 3. Must conform to generally accepted accounting principles 3.
General Questions and Answers about Process Costing System: Questions: What is the primary objective in process costing? See answer Job order and process costing procedures are used by different types of industries. Discuss the procedure appropriate for each type. See answer For the following