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The net realizable value approach requires that the

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19.The net realizable value approach requires that the net realizable value of by-productsand scrap be treated as a reduction in joint costs allocated to primary products.DIF:ModerateOBJ:11-4
20.Net realizable value is considered to be the best measure of the expected contributionof each product to the coverage of joint costs.DIF:ModerateOBJ:11-4
21.The net realizable value approach is used to account for scrap and by-products whenthe net realizable value is insignificant.DIF:ModerateOBJ:11-5
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22.The net realizable value approach is used to account for scrap and by-products whenthe net realizable value is significant.DIF:ModerateOBJ:11-5
23.Under the realized value approach, no value is recognized for by-products or scrapuntil they are actually sold.DIF:ModerateOBJ:11-5
24.Under the net realizable value approach, no value is recognized for by-products orscrap until they are actually sold.DIF:ModerateOBJ:11-5
25.Not-for-profit entities are required to allocate joint costs among fund-raising, program,and administrative functions.DIF:ModerateOBJ:11-6
COMPLETION1.A single process in which one product cannot be manufactured without producingothers is referred to as a __________________________.
DIF:EasyOBJ:11-12.Costs that are incurred in the manufacture of two or more products from a commonprocess are referred to as ___________________________.
DIF:EasyOBJ:11-13.Costs that are incurred after the split-off point in a production process are referred toas ______________________________.
DIF:EasyOBJ:11-14.Three types of products that result from a joint process are_______________,______________, and ____________________.
DIF:EasyOBJ:11-1411
5.Two incidental products of a joint process are _____________________ and____________________.
DIF:EasyOBJ:11-16.The point at which individual products are first identifiable in a joint process isreferred to as the _____________________________.
DIF:EasyOBJ:11-27.Two methods of allocating joint costs to individual products are______________________ and ___________________________.
DIF:ModerateOBJ:11-48.Three monetary measures used to allocate joint costs to products are____________________________, _____________________________________, and____________________________________________.
DIF:ModerateOBJ:11-49.Sales revenue at split-off less disposal costs equals______________________________.
DIF:EasyOBJ:11-4MULTIPLE CHOICE

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Term
Fall
Professor
NoProfessor
Tags
joint costs, Versatile Company, Ratcliff Company

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