What are the features of joint products in cost accounting?

Joint products are two or more products that are generated within a single production process. They can’t be produced separately and will incur undifferentiated joint costs. Take charge of your invoicing with SumUp Invoices. Joint products can’t be separated until a specific ‘split-off point’ or ‘separation point’.

What are the characteristics of by products?

The distinguishing feature of by-product is its relatively low sales value in comparison to the main product. Like joint products, a by-product may need further processing after the point of separation before it is saleable.

What are some examples of joint products?

Few examples of joint products are:

• Processing of crude oil to obtain gasoline, diesel, asphalt, jet fuel and lubricants etc.
• Production of butter, cheese and cream from milk.
• Different grades of wood obtained from a same kind of tree.

What are joint products and by products?

When the production of two or more products of similar value, are made together with same input and process, is called joint product. The term by-product means a product which is incidentally produced, during the processing operation of another product. Economic value of by-product is lower than the main product.

Which of the following is joint product?

For example, in oil Industry, gasoline, duel oil, lubricants, coal tar and kerosene are all produced from crude petroleum. These are known as joint products.

What are joint products joint costs and split-off point?

It may be defined as the cost incurred to produce two or more different products by processing one or more raw materials through a common production process or a series of production processes. The joint cost is incurred upto the split-off point (the point at which various products are separated).

What are features and benefits of a product?

Features are characteristics that your product or service does or has. For example, some ovens include features such as self-cleaning, smooth stovetops, warming bins, or convection capabilities. Benefits are the reasons customers buy the product or service.

What is joint products in agriculture?

(i) Joint Products – Joint products represent “two or more. products separated in the course of the same processing operation usually requiring further processing, each product being in such proportion that no single product can be designated as a major product”.

What are joint products in economics?

In Economics, joint product is a product that results jointly with other products from processing a common input; this common process is also called joint production. A joint product can be the output of a process with fixed or variable proportions.