Joint Product and By Product quiz

Joint Product and By Product

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

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Joint costs are useful for

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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 :

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

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

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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 ?

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

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If all of the joint products are sold at the split-off point and an overall profit is made on all of the products, which one of the following joint costing methods will result in the same gross margin percentage on each joint product ?

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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

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

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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 ?


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