Joint products: Two or
more outputs generated
simultaneously, by a single manufacturing process using common input, and being
substantially equal in value. Joint products (such as
butter, cheese, and cream from milk, and fuel oil, gasoline, and kerosene
from crude oil) are separately
unidentifiable, and incur undifferentiated joint costs, until
they reach the split-off point.
Products from a joint process that have relatively high sales value and are not separately identifiable as individual products until the split-off point.
Products from a joint process that have relatively high sales value and are not separately identifiable as individual products until the split-off point.
Joint Costs: Expense which
simultaneously benefits two or
more products or department, and where it
may not be possible to separate the contribution between
the beneficiaries.
Joint cost is the Cost of a single process that yields multiple
products simultaneously.
Split-off point: Juncture in a production process where the
product stream splits into two
or more distinct products which
become identifiable as joint products.
Split-off point
is the Juncture in the process when one or more products in a joint-cost
setting become separately identifiable.
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