Distinguish between normal and abnormal losses and explain.

Expert Solution

Normal loss is a loss which arises during normal course of business, which is known in advance and is a small in nature like weight, shrinkage etc. The Abnormal loss is unknown and is above than normal loss and cannot be charged to the product as it arises because of negligence, machine breakdown, or accident which does not normally happens

Normal loss is the expected loss or the loss which is anticipated prior to the production. For example, shrinkage, evaporation, rusting etc. Normal loss increases the cost of production because when the cost is being recovered it results in the higher cost of production.

Abnormal loss is the one which is not realized and arises because of bad working conditions, carelessness, rough handling, lack of knowledge, machine breakdown, accident etc. And the abnormal loss is assessed on the basis of production cost where profit and loss account is charged

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ekkarill92 answered 2 years ago

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