3993171
Beschreibung
Karteikarten von Antonio Orange, aktualisiert more than 1 year ago
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Erstellt von Antonio Orange
vor etwa 9 Jahre
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| Frage | Antworten |
| Approximated net realizable value split-off allocation | Certain products must be processed at an additional separate cost beyond the split-off point. Uses simulated NRV’s for the joint products at split-off to calculate the joint cost allocation. |
| By-Product | An incidental output of a joint process; Is salable, but its sales value is not substantial enough for management to justify undertaking the joint process; has a higher sales value than scrap. |
| Joint Cost | Total cost incurred for material, labor, and overhead during a joint process. |
| Joint Process | One product line cannot be manufactured without producing others. These process are common in the following industries; food, extractive, agricultural and chemical industries. |
| Joint Product | The key outputs of joint process. These products have substantial revenue-generating ability and as such , provide the financial motive for the company entering into the production process. |
| Net Realizable Value (NRV) | Equals to sales value at split-off minus any expected completion and disposal costs. Methods requires all joint products be salable at split-off and considers the costs that must be incurred at split-off to realize the estimated sales value. |
| Net Realizable Value Approach | Reduced joint product cost for the NRV that will be created by the by-product’s sales. |
| Net Realizable value at split-off allocation | A method assigns joint cost based on an inventory valuation amount for the joint products at the split-off point. |
| Offset Approach | Reduces joint product cost for the NRV that will be created by the by-product’s sales. |
| Other income approach | An easy approach to accounting for byproduct because no value is recognized for the by-product until it is sold. |
| physical measure allocation | a method of allocating a joint cost to products that uses a common physical characteristic as the proration base. |
| Realized Value Approach | A method of accounting for by product or scrap that does not recognize any value for such product until it is sold; the value recognized upon sale can be treated as other revenue or other income. |
| Sales value at split-off allocation | A method of assigning joint cost to joint products that uses the relative sales values of the products at the split-off point as the proration basis; use of this method requires that all joint products are salable at the split off point |
| Scrap | An incidental output of a joint process; is salable but the sales value from scrap is not enough for management to justify undertaking the joint process; is viewed as having a lower sales value than a byproduct; has a minimal but distinguishable disposal value. |
| Separate Cost | a cost that follows incurrence of joint cost and that is related to a specific product or group of products; is assigned only to that product or group of products. |
| split off point | the point at which the outputs of a joint process are first identifiable or can be separated as individual products |
| Waste | a residual output of a production process that has no sales value and that must be disposed. |
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