Choose the best answer: 1-Which of the following statements best define split off point in joint costing? A) It is the point at which managers decide to discontinue one or more of the products. B) It is the point at which the managers decide to outsource some of its production processes C) It is the juncture at which decisions determining joint costs of various products to be produced are taken. D) It is the juncture in a joint production process when two or more products become separately identifiable. E) None of the Above 2- The costs that result from theft of inventory are A) external failure costs B) stockout costs C) costs of quality D) shrinkage costs E) None of the Above 3) Which of the following defines spoilage? A) units of production that do not meet the specifications required by customers but that are subsequently repaired and sold as good finished units B) units of production whether fully or partially completed, that do not meet the specifications required by customers for good units and are discarded or sold at reduced prices C) residual material that results from manufacturing a product D) products of a joint production process that have low total sales values relative to the total sales value of the main product E) None of the Above 4) Which of the following describes rework? A) units of production that do not meet the specifications required by customers but that are subsequently repaired and sold as good finished units B) products of a joint production process that have low total sales values relative to the total sales value of the main product C) units of production whether fully or partially completed, that do not meet the specifications required by customers for goed units and are discarded or sold at reduced prices D) residual material that results from manufacturing a product E) None of the Above