(Terminology) Go to the Internet and find a discussion about the number of potential outputs of a peanut crop. Report your findings along with examples. Examine the relationship of your findings to accounting for joint products, by products, and scrap..
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a. Approximated sales value at split off method |
1. Proration of joint cost on nonmonetary basis |
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b. By product |
2. Proration of joint cost on basis of dollar values |
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c. Incremental separate costs |
3. Calculation employed by all commonly used allocation methods |
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d. Joint cost |
4. Cost incurred to produce several products at the same time in one process |
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e. Joint process |
5. Residual output with no sales value |
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f. Joint product |
6. Production process yielding more than one product |
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g. Monetary measure allocation |
7. Output that has sales value less than that of a by product |
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h. Net realizable value |
8. Proration of joint cost on the basis of relative sales values of joint products at split of |
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i. Physical measure allocation |
9. Material, labor, and overhead incurred in a joint process |
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j. Proration |
10. Additional costs incurred between split off point and sale |
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k. Realized value approach |
11. A cost that cannot change, no matter what course of future action is taken |
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l. Sales value at split off method |
12. Incidental output with value greater than scrap |
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m. Scrap |
13. Primary output of a joint process |
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n. Split off point |
14. Point at which outputs first become identifiable as individual products |
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o. Sunk cost |
15. A method that does not recognize by product value until sale |
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p. Waste |
16. Selling price less costs to complete and dispose |