In Which of the Following Ways Is Abnormal Spoilage Accounted

question 34

Multiple Choice

In which of the following ways is abnormal spoilage accounted for?

• A) Expensed in the period in which it occurred
• B) Included as part of the unit cost of output
• C) Written off to cost of goods sold
• D) Included in inventory valuation until year-end and then written off

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Definitions:

Withdrawals

Amounts of money taken out from a business by its owner(s) for personal use, not considered business expenses.

Credit Side

The right side of an accounting ledger where increases in liabilities, equity, and income or decreases in assets and expenses are recorded.

Equipment

Tangible property used in the operation of a business that is not intended for sale, typically having a useful life longer than one year.

Credit Side

The right side of a financial ledger, where increases in liabilities, equity, and revenue, and decreases in assets and expenses are recorded.