Questions:
1. Discuss the methods used for apportioning the joint costs in case of joint products.
2. What do you understand by ‘split off point'? Explain with examples.
3. Discuss the methods of accounting of by-products in cost accounts.
4. Explain the distinction between co-products, by-products and waste. The method of accounting of by-products can be grouped under two broad type-non cost methods and cost methods. Outline four methods of valuing and costing by-products selecting two methods from each of the type mentioned above.
5. Discuss the methods of stock valuation in cost and financial accounts.
6. Explain fully the ‘joint costs'