5) Which of the adhering to statements is true of joint costing?A) The expenses of a production procedure that returns multiple assets at the same time are referred to as joint expenses.B) Distribution expenses incurred past the splitoff suggest that are assignable to each of the specific assets determined at the splitoff point are considered as joint prices.C) The main objective of joint costing is to allocate the separable prices to the individual assets that are ultimately offered.D) Joint costing is less valuable for service providers which manufacture multiple assets all at once from the exact same production procedure.

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2) Which of the following statements ideal specify splitoff point in joint costing?A) It is the allude at which managers decide to discontinue one or even more of the products.B) It is the suggest at which the supervisors decide to outsource some of its manufacturing processes.C) It is the juncture in a joint manufacturing process as soon as 2 or even more products end up being independently identifiable. D) It is the time at which decisions determining joint costs of miscellaneous commodities to be produced are taken.
3) Which of the complying with statements is true of joint manufacturing procedure and also its components?A) Distribution costs incurred beyond the splitoff suggest assignable to each of the particular assets figured out at the splitoff suggest are taken into consideration as joint prices.B) Decisions relating to the sale or even more handling of each identifiable product can be made independently of decisions around the other commodities beyond the splitoff point. C) When a joint manufacturing process yields 2 or more products through low complete sales values relative to the total sales values of various other assets, those assets are dubbed joint assets.D) The major purpose of joint costing is to alfind the separable prices to the individual products that are inevitably offered.
4) The emphasis of joint costing is on allocating prices to individual assets ________.A) prior to the splitoff pointB) after the splitoff pointC) at the splitoff pointD) at the finish of production
1) Which of the following statements is true of the approaches for allocating joint costs?A) Constant gross-margin portion strategy outcomes in same joint manufacturing price per unit for all commodities.B) Estimated net realizable value method outcomes in exact same gross margin portion for all products.C) Present worth alarea technique is the least desired technique because of its facility calculations.D) Sales value at splitoff strategy uses the sales worth of the entire production of the accounting duration to alsituate costs.
4) The sales worth at splitoff method ________.A) allocates joint costs to joint products on the basis of the loved one total sales worth at the splitoff pointB) allocates joint costs to joint assets on the basis of a equivalent physical measure at the splitoff pointC) allocates joint costs to joint assets on the basis of family member NRVD) allocates joint prices to joint commodities in a method that each product has actually an identical gross-margin
5) Which of the complying with statements is true of the techniques for allocating joint costs?A) The net realizable value technique supplies the sales worth of the units offered throughout the accounting duration to allocate joint prices.B) The sales worth at splitoff technique always outcomes in the very same gross-margin percentage for all assets.C) The sales worth at splitoff approach allocates joint prices to each product in propercent to the sales value of total manufacturing.D) The net realizable worth approach outcomes in the very same joint manufacturing expense per unit for all assets.
6) The physical-measure method ________.A) allocates joint costs to joint assets in a means that each product has actually an similar gross-margin percentageB) allocates joint prices to joint products on the basis of a similar physical meacertain at the splitoff pointC) allocates joint costs to joint assets on the basis of the family member sales value at the splitoff pointD) allocates joint costs to joint commodities on the basis of loved one NRV
19) A reason why a physical-meacertain to alfind joint expenses is much less wanted than the sales value at splitoff is because ________.A) a physical meacertain such as volume is challenging to estimate than sales value B) physical volume usually has little bit partnership to the revenue creating power of productsC) a physical measure generally outcomes in much less costs being alsituated to the product that weighs the most D) customers will certainly quickly understand also that the products are overpriced
42) Which of the approaches of allocating joint expenses usually is taken into consideration the most basic to implement? A) estimated net realizable value B) constant gross-margin percent NRV C) sales value at splitoff D) physical measures
43) Which of the following statements is true of the approaches for allocating joint costs?A) Under the cause-and-result criterion, the physical-measure strategy is highly preferable.B) Byassets are never before excluded from the denominator provided in the physical-measure technique.C) The NRV approach is never before used once the marketing prices of joint products differ typically.D) The sales value at splitoff strategy follows the benefits-received criterion of expense allocation.
1) In joint costing, the sales value at splitoff technique is used typically ________.A) in a dynamic company atmosphere wright here the offering prices readjust frequentlyB) in anticipation of subsequent monitoring decisionsC) once selling prices are dependent on even more handling decisionsD) given that the selling-price data exists at the splitoff
2) When the marketing prices of all assets at the splitoff allude are unaccessible, the ________ is the finest alternative for allocating joint costs.A) sales value at splitoff methodB) NRV methodC) physical procedures methodD) constant gross-margin portion method
1) When a product is the result of a joint process, the decision to process the product past the splitoff point further need to be affected by the ________.A) total amount of the joint prices B) portion of the joint expenses allocated to the individual commodities C) additional revenue earned previous the splitoff point D) added operating earnings earned past the splitoff point
12) Which of the complying with statements is true of primary commodities and also byproducts? A) A byproduct will never before become a primary product. B) A primary product will never before become a byproduct. C) Product classifications might change over time. D) Product classifications remains continuous over time.
8) Which of the complying with statements is true in regard to the cause-and-effect connection in between allocated joint expenses and also individual products? A) A high individual product worth results in a high level of joint prices. B) A low individual product worth outcomes in a low level of joint expenses. C) A high individual product value results in a low level of joint prices. D) Tbelow is no cause-and-effect partnership.
23) Which of the complying with statements around Alfarm"s joint manufacturing prices is true?A) The gross-margin percent per gallon of Cream and Liquid skim are equal bereason joint prices are allocated based upon the number of gallons.B) The gross-margin portion per gallon of Cream is greater than gross margin percentage per gallon of Liquid skim because of Cream"s higher production volume.C) The joint production cost per gallon of Cream and Liquid skim are equal bereason joint expenses are allocated based upon the variety of gallons.D) The joint manufacturing price per gallon of Cream is higher than joint production expense per gallon of Liquid skim bereason of Cream"s higher production volume.
37) Which of the complying with is true of the physical-measure technique of allocating joint costs? A) Costs cannot be allocated if the measurement basis for each product are various. B) Physical procedures commonly result in less prices being alsituated to the product that weighs the the majority of.C) The physical measure mirrors a product"s capability to geneprice profits. D) Obtaining equivalent physical procedures for all products is always straightforward.
41) Which of the adhering to statements is true of Kenton"s joint price allocations?A) The gross margin is exact same for both products because continuous gross margin portion NRV approach ignores revenues earned prior to the splitoff point.B) One product can receive negative joint prices allocations to lug the other unprofitable product to the overall average gross margin.C) Kenton has favored the simplest method for allocating its joint costs of manufacturing.D) The gross profit percent of condensed milk is reduced than the gross profit of butter cream.
47) Which of the following statements is true of Brital?A) The gross profit percent of condensed milk is lower than the gross profit of butter cream.B) The gross margin is exact same for both commodities because constant gross margin percentage NRV method ignores profits earned before the splitoff allude.C) The gross profit of condensed milk is lower than the gross profit of butter cream.D) The gross margin is allocated to the joint products in order to identify the joint-cost alareas.
3) Which of the following statements is true of the techniques for allocating joint costs?A) The sales worth at splitoff technique lacks a common basis for allocating joint costs to products.B) The intricacy of the sales value at splitoff approach rises once managers make regular changes to the sequence of post-splitoff processing decisions.C) The NRV strategy assumes that none of the markup is attributable to the separable costs.D) The NRV strategy treats the joint commodities as though they make up a solitary product.
3) Which of the adhering to statements is true of sell-or-process-additionally decisions in joint costing?A) Joint prices incurred before the splitoff suggest are pertinent in deciding whether to procedure the product further.B) All separable costs in joint-price allocations are increpsychological expenses.C) Separable prices incurred prior to the splitoff allude are irrelevant in deciding whether to procedure the product even more.D) Costs that differ in between the choices of offering commodities or processing further are relevant.
7) Which of the following statements is true of the production technique of audit for byproducts?A) It renders no journal entries until the byproduct is offered.B) It is the desired technique because of the corresponding principle.C) It documents profits of the byproduct in the revenue statement as revenue. D) It adds profits of the byproduct to the cost of products sold in the revenue statement.

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8) Which of the following statements is true of the sales technique of accountancy for byproducts?A) It renders journal entries as soon as the byproducts are produced.B) It is the preferred technique because of the matching principle.C) It permits a firm to manage its reported revenue by timing the sale of bycommodities.D) This strategy recognizes the byproduct inventory in the accountancy duration in which it is produced.
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Financial Accounting plus MyAccountingLab via Pearboy eText, Global Edition9th EditionCharles T. Horngren, Wchange T Harrison
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