Joint Product and By Product quiz

 

/10

Joint Product and By Product

10 questions in 10 minutes

Pass Score 70%

1 / 10

Indirect and common costs often make up a significant portion of the cost of a product. All of the following are reasons for indirect cost allocation to cost objects except to :

2 / 10

In a production process where joint products are produced, the primary factor that will distinguish a joint product from a by-product is the

3 / 10

A company produces three main joint products and one by-product. The by-product‟s relative sales value is quite low compared with that of the main products. The preferable accounting for the by product‟s net realizable value is as

4 / 10

The primary purpose for allocating common costs to joint products is to determine :

5 / 10

A company manufactures several products that originate in a joint process and are separated at a split-off point. Which one of the following methods of joint-cost allocation would allocate the same unit cost to each separable product ?

6 / 10

Joint costs are useful for

7 / 10

The distinction between joint products and by-products is largely dependent on :

8 / 10

All of the following are methods of allocating joint costs to joint products except

9 / 10

In joint-product costing and analysis, which one of the following costs is relevant when deciding the point at which a product should be sold to maximize profits ?

10 / 10

The principal disadvantage of using the physical quantity method of allocating joint costs is that

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