Which TWO of the following statements about joint products are TRUE?
A. It is a product that is produced in collaboration with another organisation
B. It is a product that requires input from two or more processes
C. It is when two or more products of significant value that are produced simultaneously
D. They are products that will only become separately identifiable following a split-off point
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Process 1 results in two products, Product Why and Product Zee, the sales values of which are as follows:Product Why: $1.73 per kg Product Zee: $56.02 per kgWhich of the below statements best describes the relationship between these two products?
A. Product Why is a by-product of Product Zee
B. Product Zee is a by-product of Product Why
C. Products Why and Zee are joint products
D. There is not enough information to determine whether or not these products are related
Which TWO of the following are apportioned by absorption costing?
Administration expenses
B. General maintenance
C. Bought in parts
D. Factory foreman’s salary
Under absorption costing, which of the following bases would be BEST suited to the apportionment of building maintenance costs?
A. Units produced
B. Labour hours
C. Floor area
D. Number of employees
Which costs are used to calculate a predetermined absorption rate?
Actual
B. Previous year's actual
C. Budget
D. A mixture
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