BEC Cost Accounting Review 3

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Joens1313
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300833
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BEC Cost Accounting Review 3
Updated:
2015-04-14 23:36:50
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BEC Cost Accounting Review
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BEC Cost Accounting Review 3
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  1. Deciding if a product is a joint product or a by product is sometimes a ----------------------.
    Deciding if a product is a joint product or a by product is sometimes a matter of judgment.
  2. what is the net realizable value?
    sales value less estimated cost to complete and sell.
  3. What is the separable cost?
    Additional processing cost after the split off point
  4. What are by products?
    Products that

    1. have minor sales value as compared with the sales value of the main products

    2. are not identifiable as separate products until their split off point.
  5. ---------------- costs exist where two or more products are produced from processing the same raw material by a single process.
    Joint product costs exist where two or more products are produced from processing the same raw material by a single process.
  6. When do joint product cost exist?
    Joint product costs exist where two or more products are produced from processing the same raw material by a single process.
  7. What is the Relative Market (Sales) Value Method?
    This method allocates joint costs to products based on their relative sales value at the split off point.  It is considered to be the best allocation method because it allocates the joint cost in proportion to the products ability to absorb these costs.
  8. This method allocates joint costs to products based on their relative sales value at the split off point.  It is considered to be the best allocation method because it allocates the joint cost in proportion to the products ability to absorb these costs.
    The Relative Market (Sales) Value Method
  9. What is the Net Realizable Value Method?
    Frequently joint products have no sales value at the split off point.  Joint costs are then allocated on the basis of each products net realizable value.  Net realizable value is defined as the difference between sales value and estimated costs to complete and sell.
  10. This method is described as Frequently joint products have no sales value at the split off point.  Joint costs are then allocated on the basis of each products net realizable value.  Net realizable value is defined as the difference between sales value and estimated costs to complete and sell.
    The Net Realizable Value Method
  11. What is the Physical Measures Method?
    The Physical Measures Method is when the relative sales value method of allocating joint product costs is preferable to an allocation based on physical measures.
  12. The ------------------------------------is when the relative sales value method of allocating joint product costs is preferable to an allocation based on physical measures.
    The Physical Measures Method is when the relative sales value method of allocating joint product costs is preferable to an allocation based on physical measures.

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