6617269
Beschreibung
Karteikarten von Anna Grannis, aktualisiert more than 1 year ago
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Erstellt von Anna Grannis
vor etwa 8 Jahre
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| Frage | Antworten |
| Approximated net realizable value at split-off allocation | A method of allocating joint cost to joint products using a simulated net realizable value at the split-off point; computed as final sales price minus incremental separated costs |
| By-product | An incidental output of a joint process; is a salable, but its sales value is to justify undertaking the joint process; has a higher sales value than scrap |
| Joint Cost | The total of all costs (direct material, direct labor, and overhead) incurred in a joint process up to the split-off point; joint cost is assigned only to joint products |
| Joint Process | A manufacturing process that simultaneously produces multiple product lines |
| Joint Product | A primary output of a joint process; each joint product has substantial revenue-generating ability |
| Net Realizable Value (NRV) | The amount remaining after all costs necessary to prepare and dispose of a product are subtracted from product revenue at sales or at split-off |
| Net Realizable Value Approach | A method of accounting for a by-product or scrap that requires that the net realizable value of these products be treated as a reduction in the cost of the primary products; primary product cost may be reduced by decreasing either (1) cost of goods sold when the joint products are sold or (2) the joint process cost before it is allocated to the joint products but after the by-product/scrap is reduced |
| Net Realizable Value at Split-off Allocation | A method of allocating joint cost to joint products that uses, as the proration base, sales value at split-off minus all costs necessary to prepare and dispose of the products; requires that all joint products be salable at the split-off point |
| Offset Approach | See net realizable value approach |
| Other Income Approach | See realized value approach |
| 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 by-product; 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 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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