Business, Legal & Accounting Glossary
A loss arising from a manufacturing or chemical progress in excess of normal loss.
The loss arising from a manufacturing or chemical progress through abnormal wastage, shrinkage, seepage, or spoilage in excess of normal loss.
It may be expressed as a weight or volume or in other units appropriate to the process; It’s usually valued on the same basis as good output.
An abnormal gain is an unexpected surplus of output that may occur if the actual loss is less than anticipated.
An abnormal loss also refers to a situation where a business or firm is making profits below the normal limits. In an abnormal loss situation, the total revenue of a business does not cover the total cost incurred for the business.
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This glossary post was last updated: 8th December, 2019 | 792 Views.