The costs incurred prior to the split-off point are referred to as *1 pointJoint Product CostNone of the aboveSeparable CostSplit-Off CostJoint Cost
Question
The costs incurred prior to the split-off point are referred to as
*1 point
- Joint Product Cost
- None of the above
- Separable Cost
- Split-Off Cost
- Joint Cost
Solution
The correct answer to the question is Joint Cost.
Explanation:
-
Joint Costs are the costs incurred before the split-off point in a manufacturing process where multiple products are produced from a single raw material. This is a relevant concept in cost accounting and helps in understanding how costs should be allocated to different products that are produced simultaneously.
-
Split-Off Point is the point in the manufacturing process where the joint products become distinct products.
-
Separable Costs are costs that can be directly attributed to individual products after the split-off point.
Thus, the expenses incurred before the products become distinct are collectively known as joint costs.
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