Items with minimal sales value are known as Select one: a. ending work-in-process units b. reworked units c. spoilage d. scrap
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- The cost of is not included in the cost of production a. Abnormal loss b. Direct costs c. Normal loss d. ScrapThe type of process loss that should not be allowed to affect the cost of good units is called? a.Standard loss b.Normal loss c.Abnormal loss d.Seasonal lossA by-product is best described as * a. A product that s produced from materials that would otherwise be considered scrap. b. A product that has a lower selling price than the main product. c. A product manufactured along with the main product, a sales value that does not cover its cost of production. d. A product that usually yields a small amount of revenue when compared to the revenue from the main product.
- In a process account, abnormal losses are valued:A. at their scrap value.B. the same as good production.C. at the cost of raw materials.D. at good production cost less scrap value.In process costing by-product is defined as; a. A product produced at the same time as other products which has no value b. A product produced at the same time as other products which requires further processing to put it in a saleable state c. A product produced at the same time as other products which has a relatively low volume compared with the other products d. A product produced at the same time as other products which has a relatively low value compared with the other productsMaterial left over when making a product is referred to as Select one: a. Spoilage b. Reworked units. c. Scrap. d. Defective units. e. Indirect material.
- Absorption costing is:A. a good way to value inventories for the balance sheet.B. used for external reporting purposes.C. less useful than variable costing for management decision making. D. A and B is correct E. A, B and C is correctDescribe dropping unprofitable products or segments.Which of the following statements is false? Multiple Choice Examples of selling costs include shipping, sales commissions, and costs of finished goods warehouses. Discretionary fixed costs may be altered in the short term by current managerial decisions. A particular cost may be direct or indirect depending on the cost object. All sunk costs should be ignored in making a decision. Some of the conversion costs are period costs.
- Which of the following statements best describes a by-product? Multiple Choice A product created along with the main product whose sales value does not cover its cost of production. A product that is produced from material that would otherwise be scrap. A product that usually produces a small amount of revenue when compared to the main product's revenue. A product that has a lower unit selling price than the main unit. A product that has a selling price similar to that of the main product.Which among the following is not a relevant cost for decision making? a. Cost of producing additional units in case an order is accepted b. Future rent payments c. Depreciation of machinery d. Costs that can be avoided as a result of managerial decisionsWhich of the following is an example of an indirect cost? Multiple Choice Cost of labor Cost of downtime Cost of packaging materials Cost of materials None of the answer choices are correct.