When waste products from processes are sold, the proceeds from the sale of both normal losses and abnormal losses are credited to the process account.

Question

Quizplus · Accepted Answer

The proceeds from the sale of normal losses can be credited to the process account to reduce the cost of the process, but the proceeds from the sale of abnormal losses are usually credited to the Abnormal Loss Account or other relevant account, not directly to the process account.

When Waste Products from Processes Are Sold, the Proceeds from the Sale