tb chap 11 - 1. Financial accounting principles require: a....

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1. Financial accounting principles require: a. all service entities to allocate the cost of "joint activities." b. service entities to use a monetary allocation base to allocate joint costs. c. not-for-profits and state and local governmental entities to allocate costs of "joint activities." d. All of the choices are true. correct: c 2. Joint products are also referred to as: a. by-products. b. scrap. c. primary products. d. waste. correct: c 3. Incidental outputs of a joint process include: a. by-products. b. scrap. c. waste. d. All of the choices are incidental outputs of a joint process. correct: d 4. The Net Realizable Value approach: a. is also called the "other income approach." b. is the simplest approach to accounting for by-product and scrap. c. requires that the NRV of the by-product/scrap be treated as a reduction in the joint cost allocable to joint products. d. All of the choices are true of the net realizable value approach. correct: c
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This note was uploaded on 12/12/2008 for the course ACCT 310 taught by Professor Nacemagner during the Fall '08 term at Western Kentucky University.

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tb chap 11 - 1. Financial accounting principles require: a....

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