WorksheetsJOINT & BY PRODUCT - COSTING
Total questions: 10
Worksheet time: 13mins
Joint costs are incurred beyond the split-off point and are assignable to individual
products.
True
False
Separable costs are assignable after the splitoff point.
True
False
The focus of joint costing is assigning costs to individual products as assembly occurs.
True
False
A byproduct has a minimal sales value.
True
False
A major deficiency of the sales value at split-off method is that this method does not
allow management to obtain individual product costs and gross margin information.
True
False
What type of cost is the result of an event that results in more than one product or
service simultaneously?
By product cost
Joint cost
Main cost
Separable cost
All costs incurred beyond the split-off point that are assignable to one or more individual
products are called
By product cost
Joint cost
Main cost
Separable cost
Byproducts and main products are differentiated by
number of units per processing period.
weight or volume of outputs per period
the amount of sales value per unit
none of the above
When a single manufacturing process yields two products, one of which has a relatively
high sales value compared to the other, the two products are respectively known as
joint products and byproducts
joint products and scrap
main products and byproducts
main products and joint products
Products with a relatively low sales value are known as
scrap
main products
joint products
by products
