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9 Cards in this Set
- Front
- Back
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Joint Costs |
Costs of a single production process that yields multiple products simultaneously |
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Split-off Point |
The place, in a joint production process, where two or more products become separately identifiable, |
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Product |
Any output with a positive sales value, or an output used internally that enables a firm to avoid incurring costs |
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Joint Products |
Outputs that have a high sales value but are not separately identifiable as individual products until the split off point |
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Main Product |
Output of a process that yields one product with a high sales value compared to the values of other outputs |
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Byproducts |
Has a low sales value compared to the sales values of the main or joint products |
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Scrap |
Minimal sales value |
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What is the physical measure method of joint cost allocation? |
allocates joint costs on the basis of their relative physical proportions at the split off- usually weight or volume |
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What is the sales value at the split off method? |
uses the sales value of the entire production in the accounting period to calculate allocation percentage |
