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MCQs

Total Questions : 56 | Page 3 of 6 pages
Question 21. An additional cost, incurred for some specific activity to bring processed product on to next production stage is
  1.    partial cost
  2.    relevant cost
  3.    incremental cost
  4.    irrelevant cost
 Discuss Question
Answer: Option C. -> incremental cost
Answer: (c).incremental cost
Question 22. The method which allocates joint costs of joint products, considering physical measures such as volume or relative weight at point of split off is known as
  1.    direct cost measure method
  2.    indirect cost measure method
  3.    physical-measure method
  4.    relative-measure method
 Discuss Question
Answer: Option C. -> physical-measure method
Answer: (c).physical-measure method
Question 23. An expected future revenue, which diverges in unconventional course of action is classified as
  1.    partial revenue
  2.    total revenue
  3.    relevant revenues
  4.    irrelevant revenues
 Discuss Question
Answer: Option C. -> relevant revenues
Answer: (c).relevant revenues
Question 24. In a joint process of production, a product which yields high volume of sales as compared to total sales volume of other products is known as
  1.    incremental product
  2.    sunk product
  3.    main product
  4.    split off product
 Discuss Question
Answer: Option C. -> main product
Answer: (c).main product
Question 25. The second step, in constant gross margin percentage Net Realizable Value (NRV) method, to allocate joint cost is to compute
  1.    allocated joint costs
  2.    cost of split off point
  3.    Gross margin percentage
  4.    total production cost of each product
 Discuss Question
Answer: Option D. -> total production cost of each product
Answer: (d).total production cost of each product
Question 26. If value of final sales is $48000 and the net realizable value is $35000, then the value of sales costs would be
  1.    $35,000
  2.    $13,000
  3.    $83,000
  4.    $48,000
 Discuss Question
Answer: Option B. -> $13,000
Answer: (b).$13,000
Question 27. The gross margin is subtracted from sales value of all production to yield
  1.    labor cost incurred on product
  2.    production cost incurred on product
  3.    marketing cost incurred on product
  4.    all of above
 Discuss Question
Answer: Option B. -> production cost incurred on product
Answer: (b).production cost incurred on product
Question 28. In a joint process of production, the two or more products that yield high volume of sales as compared to total sales of other products are classified as
  1.    split off product
  2.    joint product
  3.    sunk product
  4.    main product
 Discuss Question
Answer: Option B. -> joint product
Answer: (b).joint product
Question 29. The point in joint production process, in which two or more products are separately identifiable is termed as
  1.    step down point
  2.    incremental point
  3.    split off point
  4.    inseparability point
 Discuss Question
Answer: Option C. -> split off point
Answer: (c).split off point
Question 30. Joint cost allocation method for joint products, which is based on achievable value is known as
  1.    joint products value at split off method
  2.    main product cost at split off method
  3.    Gross realizable value method
  4.    net realizable value method
 Discuss Question
Answer: Option D. -> net realizable value method
Answer: (d).net realizable value method

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