Q176
Which of the following item of expenses will not appear in cost accounting.
A.
Direct material cost
B.
Factory overheads
C.
Selling Expenses
D.
Loss on sale of fixed assets
AnswerAnswer: Option D
Solution
Answer: Option D
Solution:
Loss on sale of fixed assets will not appear in cost accounting. Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the fixed asset.