Joint & By Products
40 Que, 40 Marks
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1- The main purpose of accounting of joint products, and by-products is to.......................... *
1 punt
2- To allocate joint costs using market-based data, the method that estimates the value of the joint products using the selling price less costs to complete the main products is called the.......... *
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3- To allocate joint costs using market-based data, the method that estimates the value of the joint products using selling price before any separable costs are incurred is called the ................. *
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4- Net realizable value (NRV) is defined as: ........................ *
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5- A product produced in a joint process that has a low sales value is known as a....................... *
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6- A method of allocating joint costs that uses volume would be the .............................. *
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7- The costs of production that yield multiple products simultaneously are known as ...................... *
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8- Costs that are incurred after the split-off point in a production process are referred to as................... *
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9- Joint cost allocation is useful for ................... *
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10- Joint costs are useful for ......................... *
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11- Which of the following components of production are allocable as joint costs when a single manufacturing process produces several salable products? *
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12- Each of the following is a method to allocate joint costs except ........................... *
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13- Joint costs most frequently allocated based upon relative....................... *
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14- A decision that must be made at split-off is to sell a product or process it further. *
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15- Allocating joint costs based upon a physical measure considers the revenue generating ability of products. *
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16- Under an acceptable method of costing by-products. inventory costs of the by-product are based on the portion of the joint production cost allocated to the by-product ......................... *
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17- The split-off point is the point at which ..................... *
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18- The net realizable value approach mandates that the NRV of the by-products/scrap be treated as..................... *
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19- Incremental separate costs are defined as all costs incurred between ..................and the point of sale *
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20- In joint-product costing and analysis, which of the following costs is relevant in the decision when a product should be sold to maximize profits? *
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21- Joint product manufacturing founds in .................... *
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22- Trimming in timber industries should be treated as.......... *
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23- Under which of the following method rate of gross profit will be same for all the joint products? *
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24- Which of the following method of by-product accounting should be applied when by-product is utilized in undertaking itself as a material for some other process.............. *
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25- Credit is given to process account at a predetermined value of by-product under *
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26- By products and main products are differentiated by the:......... *
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27- Which of the following statements is true regarding joint and by-products? *
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28- When particular types of products are produced in different varieties, they are called as........................ *
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29- Which of the following method can be categorized as "Market Value Method" for apportionment of joint cost? *
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30- Which of the following cannot be deducted while calculating NRV? *
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31- Which of the following method is NOT adopted for apportionment of joint cost? *
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32- Under.................by-products are valued at a predetermined rate for each product, which may be based on technical assessment. *
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33- In..............method, the estimated profit from the sale of by-product, selling and distribution expenses and further processing costs after the split-off point are deducted from sales value of by-products and the net amount is credited to the main products. *
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34- Under which of the following method joint cost may come negative? *
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35- Which of the following determines the whether the product is joint product or by product? *
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36- A Company's plant, processes 1,50,000 kg of raw material in a month to produce two products, P & Q. The loss in process is 5% of input and the output ratio of P and Q, which emerge simultaneously, is 1:2. The entire current output of the plant can be so processed further to obtain a new product 'S'. Two kg of output of S will require one kilogram of input P. What is the output of Product S? *
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37-Two products P & Q are obtained in a crude form and require further processing at a cost of Rs. 5 for P and Rs. 4 for Q per unit before sale. Assuming a net margin of 25% on cost, their sale prices are fixed at Rs. 13.75 and Rs. 8.75 per unit respectively. During the period, the joint cost was Rs. 88,000 and the outputs were: P-8,000 units, Q- 6,000 units. NRV method is adopted to allocate joint cost. Joint cost per unit of P & Q=? *
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38- The most important criterion for distinguishing between scrap, by-product and joint product is ...............of the products. *
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39- An outcome of a production process considered as relatively less important as compared to the main product is called - *
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40- Any saleable or usable value incidentally produced in addition to the main product is known as - *
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