Chapter 6 - Joint Costing Flashcards
1
Q
When are joint costs incurred?
A
Before split off point
2
Q
What is net realizable value?
A
Expected sales value minus expected separable costs
3
Q
What is the general guideline for using physical-method measure?
A
Include only joint products or main products in the physical-measure weighting computations
4
Q
Costs incurred beyond split-off point and assigned to one or more products
A
Separable costs
5
Q
When does joint costing occur?
A
A single production process yields two or more products and costs are assigned to individual products as disassembly of the product occurs
6
Q
Main products and by-products
A
When a single manufacturing process yields two products, one of which has a relativity high sales value compared to the other
