Joint Cost are ………………to individual joint products.

Related MCQs

• Which of the following procedure is incorrect for attributing overhead costs to cost units? I. Collecting production overhead costs by item II. Establishing cost centres III. Allocating and apportioning overhead costs to cost centres IV. Apportioning service cost centre costs to production cost centres V. Absorbing production cost centre costs into cost units
• In Units basis, Common costs are apportioned between joint products on the basis of the total number of units produced. The cost per unit is the same for all the joint products. (This is also described as the physical quantities basis).
• In order to calculate a cost for each joint product, the common costs must be ________ between the joint products.
• Allocation is where overheads are allocated to cost centres. If a cost centre is responsible for the entire cost of an item of expenditure, the entire cost is charged directly to the cost centre.
• When overheads have been allocated and apportioned to production cost centres, they are charged to the cost of products manufactured in the cost centre.
• Joint products are two or more products generated simultaneously, by a single manufacturing process using common input, and being substantially equal in value.
• The point at which joint products and by-products become separately identifiable is known as:
• When the abnormal has a scrape value the net cost of abnormal loss (cost of abnormal loss minus its scrap value) is then transferred as a cost to the cost accounting income statement at the end of the accounting period.
• In Job costing a cost is calculated for each individual job, and this cost can be used to establish the profit or loss from doing the job.
• A separate record must therefore be maintained to show the details of individual jobs. Such records are often known as job cost sheets or job cost cards.