Quiz for topic4

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Unformatted text preview: 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 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 ...
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