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WorksheetsMCQs on Joint Products & By-products
Total questions: 10
Worksheet time: 5mins
Joint products are:
Products of equal importance obtained from the same process
Products of unequal importance obtained from different processes
Products of equal importance obtained from different processes
Products of unequal importance obtained from the same process
By-products are:
The main products of the process
Products of lesser value produced incidentally in manufacturing main products
Always waste products
Unrelated to the main product
The point at which joint products become separately identifiable is called:
By-product point
Process point
Split-off point
Joint-cost point
Which of the following is NOT a method of apportioning joint costs?
Physical units method
Sales value at split-off method
Net realizable value method
Straight-line depreciation method
In the oil industry, petrol, diesel, and kerosene produced from crude oil are examples of:
By-products
Joint products
Waste products
Separate processes
If a by-product is sold, the revenue is usually:
Ignored completely
Deducted from the cost of the main product
Added to the profit of the main product without adjustments
Considered as joint product revenue
In the sugar industry, molasses is an example of:
Joint product
By-product
Scrap
Waste
Which method allocates joint costs based on the market value of products at the split-off point?
Market value method
Physical units method
Average unit cost method
Step-down method
Joint costs are:
Costs incurred before the split-off point
Costs incurred after the split-off point
Costs related only to by-products
Variable costs only
Which of the following is NOT a joint product industry?
Dairy industry
Lumber industry
Textile weaving industry
Meat processing industry
