Accounting Treatment for Normal Loss And Abnormal Loss In Consignment

Tweet Sometimes, part of goods being consigned may be lost/destroyed or damaged either in transit or in the consignee’s warehouse. Such loss can be either normal loss or abnormal loss. This article discuss what are these losses and their respective accounting treatment in Consignment Accounting   Normal Loss In Consignment   What is Normal Loss? […]

Explain the Frequently Used Terms In Process Costing

Tweet Append below a snapshot of some frequently used terms in process costing. Before we go further, we should first understand the term process costing which is “the costing method applicable where goods or services result from a sequence of continuous or repetitive operations or processes. Costs are averaged over the units produced the period” […]