ACCY121FinalExamStudyGuide

ACCY121FinalExamStudyGuide - ACCY 121 Final Exam Study...

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ACCY 121 Final Exam Study Guide The following is a list of potential multiple-choice questions from Chapters 11, 13, 16, and 17 that may be selected for your Final Exam. Other True/False questions will also be included on the exam but are not listed here. Chapter 11 Cost Allocation 1. A management purpose for allocating joint costs of a processing center to the various products produced is to: 2. Allocated joint costs are useful for: 3. Criteria for selecting allocation bases for service department allocations should not include 4. For purposes of allocating joint costs to joint products, the estimated net realizable value at split-off is equal to: 5. If two service departments service the same number of departments, which service department's costs should be allocated first when using the step method? 6. Net realizable value at the split-off point is used to allocate: 7. Product C is one of several joint products that come out of Department M. The joint costs incurred in Department M total $_________. Product C can be sold at split-off or processed further and sold as a higher quality item. The decision to process further should be based on the: 8. Products with a relatively minor sales value are called: 9. The characteristic that is most often used to distinguish a product as either a main product or a by-product is the amount of: 10. The method of accounting for joint product costs that will produce the same gross margin percentage for all products is the: 11. Which of the following best describes the objective of joint cost allocation? 12. Which of the following cost items is not allocable as joint costs when a single manufacturing process produces several main products and several by-products? 13. Which of the following departments is not a service department in a typical manufacturing company? 14. Which of the following is a weakness of the step method of service cost allocations? 15. Which of the following is not a physical measure that can be used for allocating joint costs using the physical quantities method? 16.
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ACCY121FinalExamStudyGuide - ACCY 121 Final Exam Study...

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