Answered: When costing loss is Rs. 5,600,…

When costing loss is Rs. 5,600, administrative overhead under-absorbed being Rs. 600, the loss as per financial accounts should be Rs. 5600 None of the above Rs. 5000 Rs. 6200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

100%

When costing loss is Rs. 5,600, administrative overhead under-absorbed being Rs. 600, the loss as per financial accounts should be
Rs. 5600
None of the above
Rs. 5000
Rs. 6200
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Accounting for Current liabilities, Provisions and Contingencies

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