Q. Identify which of the following statement is correct. (Solved)
1. Abnormal gain is a benefit rather than a cost. Whereas abnormal loss is written off as a cost at the end of the financial period.
2. Abnormal gain is an adjustment that increases the profit for the period.
3. Abnormal gain is recorded as a debit entry in the process account, because it is a benefit.
4. All of the above are correct
- d. All of the above are correct