Cost Accounting

Joint product costing

Joint products are produced simultaneously by a common process or series of processes, with each product possessing more than a nominal value in the form in which it is produced. The definition emphasizes the point that the manufacturing process creates products in a definite quantitative relationship. An increase in one product’s output will bring about …

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By-products

Definition and Explanation The term by-products is generally used to denote one or more products of relatively small total value that are produced simultaneously with a product of greater total value. The product with the greater value, commonly called the “main product”, is usually produced in greater quantities than the by-products. Ordinarily, the manufacturer has …

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