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quiz for topic4

Course Number: CHAPTER15 ACCT3104, Spring 2010

College/University: University of South...

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Question 1 0 out of 0.1 points When a joint production process yields two or more products with high total sales values, these products are called: Answer Selected Answer: main products h Question 2 0 out of 0.1 points A negative consequence of recording byproducts in the accounting records when the sale occurs is that: Answer Selected Answer: managers have an incentive to stockpile byproducts h Question 3...

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1 Question 0 out of 0.1 points When a joint production process yields two or more products with high total sales values, these products are called: Answer Selected Answer: main products h Question 2 0 out of 0.1 points A negative consequence of recording byproducts in the accounting records when the sale occurs is that: Answer Selected Answer: managers have an incentive to stockpile byproducts h Question 3 0.1 out of 0.1 points Which method of accounting recognizes byproducts in the financial statements at the time their production is completed? Answer Selected Answer: production method h Question 4 0.1 out of 0.1 points Which of the following statements is true in regard to the cause-and-effect relationship between allocated joint costs and individual products? Answer Selected Answer: There is no cause-and-effect relationship. Question 5 0.1 out of 0.1 points Which of the following is NOT a reason to use the sales value at splitoff method: Answer Selected Answer: All of these are reasons to use the sales value at splitoff method. h Question 6 0.1 out of 0.1 points Answer the following questions using the information below: The Morton Company processes unprocessed goat milk up to the splitoff point where two products, condensed goat milk and skim goat milk result. The following information was collected for the month of October: The costs of purchasing the 65,000 gallons of unprocessed goat milk and processing it up to the splitoff point to yield a total of 58,500 gallons of salable product was $72,240. There were no inventory balances of either product. Condensed goat milk may be processed further to yield 19,500 gallons (the remainder is shrinkage) of a medicinal milk product, Xyla, for an additional processing cost of $3 per usable gallon. Xyla can be sold for $18 per gallon. Skim goat milk can be processed further to yield 28,100 gallons of skim goat ice cream, for an additional processing cost per usable gallon of $2.50. The product can be sold for $9 per gallon. There are no beginning and ending inventory balances. Using the sales value at splitoff method, what is the gross-margin percentage for condensed goat milk at the splitoff point? Answer Selected Answer: 58.1% Question 7 0.1 out of 0.1 points Which of the following is a disadvantage of the physical-measure method of allocating joint costs? Answer Selected Answer: All of these answers are correct. h Question 8 0.1 out of 0.1 points What is the reason that accountants do not like to carry inventory at net realizable value? Answer Selected Answer: NRV recognizes income before sales are made h Question 9 0.1 out of 0.1 points Which of the methods of allocating joint costs usually is considered the simplest to implement? Answer Selected Answer: sales value at splitoff h Question 10 0.1 out of 0.1 points All of the following changes may indicate a change in product classification of a manufacturing process which has a splitoff point EXCEPT a: Answer Selected Answer: product main becomes a joint product Question 1 0.1 out of 0.1 points A reason why a physical-measure to allocate joint costs is less preferred than the sales value at splitoff is: Answer Selected Answer: All of these answers are correct. h Question 2 0.1 out of 0.1 points When a joint production process yields two or more products with high total sales values, these products are called: Answer Selected Answer: joint products h Question 3 0.1 out of 0.1 points The net realizable value method: Answer Selected Answer: allocates joint costs to joint products on the basis of relative NRV h Question 4 0.1 out of 0.1 points 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: Answer Selected Answer: main products and byproducts h Question 5 0.1 out of 0.1 points All costs incurred beyond the splitoff point that are assignable to one or more individual products are called: Answer Selected Answer: separable costs h Question 6 0.1 out of 0.1 points Which cost allocation method should NOT be used to eliminate the conflict between decision making and performance evaluation? Answer Selected Answer: physical measures h Question 7 0 out of 0.1 points Outputs with a negative sales value are: Answer Selected Answer: subtracted from product revenue h Question 8 0.1 out of 0.1 points Which of the following is NOT a primary reason for allocating joint costs? Answer Selected Answer: to calculate the bonus of the chief executive officer h Question 9 0.1 out of 0.1 points Yakima Manufacturing purchases trees from Cascade Lumber and processes them up to the splitoff point where two products (paper and pencil casings) are obtained. The products are then sold to an independent company that markets and distributes them to retail outlets. The following information was collected for the month of May: The cost of purchasing 50 trees and processing them up to the splitoff point to yield 35,000 sheets of paper and 30,000 pencil casings is $1,500. Yakima's Manufacturing's accounting department reported no beginning inventories and an ending inventory of 1,000 sheets of paper. What are the paper's and the pencils' approximate weighted cost proportions using the sales value at splitoff method, respectively? Answer Selected Answer: 31.82% and 68.18% h Question 10 0.1 out of 0.1 points A business which enters into a contract to purchase a product (or products) and will compensate the manufacturer under a cost reimbursement formula, should take an active part in the determination of how joint costs are allocated because: Answer Selected Answer: Both the manufacturer will attempt to allocate as large a portion of its costs to these products and if the manufacturer successfully allocates a large portion of its costs to these products then it will be able to sell its other nonreimbursed products at lower prices are correct.

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