15 1 distinguish among different types of saleable products scrap and toxic waste 1 4302750

15.1   Distinguish among different types of saleable products, scrap and toxic waste.

1) Joint costs are incurred beyond the split off point and are assignable to individual products.

2) A byproduct has a minimal sales value.

3) Scrap frequently has a zero sales value.

4) There are no logical reasons for allocating joint costs.

5) Separable costs are assignable after the splitoff point.

6) Separable costs include manufacturing costs only.

7) The costs of production that yield multiple products simultaneously are known as joint costs.

8) The juncture in a joint production process when two products become separable is the byproduct point.

9) The products of a joint production process that have low total sales values compared with the total sales value of the main product are called joint products.

10) If the value of a byproduct rises significantly, it could also be viewed as a joint product.