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Quiz

Closed Book - Chapter 16

Isabel Robles 8 Fragen

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Fragen in diesem Quiz (8)

  1. 1Products with a relatively low sales values are known as:
    1. Aprimary products
    2. Bmain products
    3. Cjoint products
    4. Dbyproducts
  2. 2The benefits-received criteria for allocating joint costs indicate market-based measures are preferred because:
    1. Aphysical measures such as quantity are clear bases for allocating cost than other measures
    2. Bphysical measures are more difficult to calculate
    3. Crevenues are usually the best indicators of the benefits received
    4. Drevenues always remain consistent over short-run
  3. 3Which of the following statements best define split-off point n joint costing?
    1. AIt is the point at which managers decide to discontinue one or more of the products.
    2. BIt is the point at which the managers decide to outsource some of its production processes.
    3. CIt is the juncture in a joint production process when two or more products become separately identifiable.
    4. DIt is the juncture at which decisions determining joint costs of various products to be produced are taken.
  4. 4Which of the following statements is true of the methods for allocating joint costs?
    1. AConstant gross-margin percentage method results in some joint production cost per unit for all products.
    2. BEstimate net realizable value method results in same gross margin percentage for all products.
    3. CPresent value allocation method is the least preferred method due to its complex calculations.
    4. DSales value at split-off method uses the sales value of the entire production of the accounting period to allocate costs.
  5. 5Why do accountants criticize the practice of carrying inventories at estimated net realizable values?
    1. AThe costs of producing the products are usually estimates.
    2. BThere is usually no clearly defined realizable value for any inventories.
    3. CIn effect, this practice recognizes income before sales are made.
    4. DIt will result in higher cost of goods sold and lesser profits.
  6. 6In joint costing, the ________ assumes that all the markup is attributable to the joint process costs.
    1. Asales value at split-off method
    2. BNRV method
    3. Cconstant gross-margin percentage method
    4. Dphysical measures method
  7. 7When a product is the result of a joint process, the decision to process the product past the split-off point further should be influenced by the ________.
    1. Atotal amount of the joint costs
    2. Bportion of the joint costs allocated to the individual products
    3. Cextra revenue earned past the split-off point
    4. Dextra operating income earned past the split-off point
  8. 8A negative consequence of recording byproducts in the accounting records when the sale occurs is that ________.
    1. Athe revenue from the byproducts is usually fairly large and the accounting records will be distorted
    2. Bearnings cannot be timed under this method
    3. Cmanagers can be tempted to stockpile byproducts
    4. Dit involves complex calculations compared to the production method

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Beschreibung
Closed Book Questions
Sprache
English
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