Introduction to Joint Product and By-Products
In various industries more than one product comes out from the manufacturing process. These products are occasionally produced intentionally when in some cases they appear out of the main manufacturing process. Such types of products are known as either joint products or by-products. Even though occasionally these terms are employed interchangeably, there is a main difference among the two and hence it is essential to understand clearly the variation among them. Likewise there is a variation among the accounting of the two and therefore it is necessary to define clearly the concepts of joint products and by-products. In this section, these aspects are discussed in detail together with the accounting treatment of the joint products and by products.
Definitions
The variation among the joint products and by-products should be understood noticeably. Joint products can be described as specifically different main products that are inevitably produced concurrently from common inputs or through common processing. So from this definition the following characteristics of joint product come out.
Ø Joint products are the result of use of similar raw material and similar processing operations. The processing of a specific raw material might result into the output of two or more products.
Ø All the products coming out from the manufacturing process are of similar economic significance. Other words, the sales value of those products might be more or less similar and none of them can be known as the major product.
Ø The products are produced intentionally that involves that the management of the concerned organization has purpose to produce all the products.
Ø A number of joint products might need further processing or might be sold directly after the split off point.
Ø The manufacturing process and raw material need is common up to a specific stage of manufacturing. After this stage is crossed, additional processing becomes dissimilar for each product. This stage is termed as 'split off' point. The expenditure acquired up to the split off point is termed as joint cost and the apportionment of similar to different products is the major purpose of the joint product accounting.
Ø The management has slight or no control over the relative quantities of the several products that will result.
Ø Joint products are usually produced in industries such as chemicals, meatpacking, automobile oil refining, mining, etc. In oil refining, fuel, oil, petrol, diesel, kerosene, lubricating oil are few instances of the joint products.
By-Product: The word 'by-products' is sometimes employed synonymously along with the word 'minor products'. The by-product is a secondary product that incidentally results from the manufacture of a main product. By-products are also produced from similar raw material and similar process operations but they are secondary results of operation. The major variation among the joint product and by product is that there is no purpose to produce the by-product when the joint products are produced intentionally. The association among the by-product and the major product changes with alterations in economic or industrial conditions or along with development of science. For instance, throughout the Second World War, glycerine, a by-product in soap making was in such a demand that it became virtually the main product when the soap was decreased to the by product. What is by-product of one industry might be a main product of other industry. Generally in continuous process industry, the by-products emerge.
Latest technology based Cost Accounting Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Joint and By Products homework help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Joint and By Products, project ideas and tutorials. We provide email based Joint and By Products homework help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Joint and By Products. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Cost Accounting homework help and assignment help services. They use their experience, as they have solved thousands of the cost accounting assignments, which may help you to solve your complex issues of Joint and By Products. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
tutorsglobe.com excretion assignment help-homework help by online human physiology tutors
we offer quality driven, 100% authentic and error-free work with european history before 1715 assignment help service at affordable rates.
tutorsglobe.com transpiration pull theory assignment help-homework help by online water transport tutors
Looking for top-rated Microprocessor Assignment Help service at budget-friendly prices? Hire qualified tutors and secure top-notch grades easily.
while hot water is needed just at one service point, this type is employed. it holds water of low pressure and therefore is termed as non-pressure type.
theory and lecture notes of price control all along with the key concepts of price control, price ceilings, price floors, homework help, assignment help. tutorsglobe offers homework help, assignment help and tutor’s assistance on price control.
tutorsglobe.com internal factor assignment help-homework help by online factors necessary for seed germination tutors
tutorsglobe.com investment in working capital assignment help-homework help by online working capital management tutors
tutorsglobe.com net present value assignment help-homework help by online capital budgeting and project planning tutors
TutorsGlobe.com Translations of Conics Assignment Help-Homework Help by Online Conics and Parametric Equations Tutors
theory and lecture notes of ttl nand gate all along with the key concepts of ttl nand gate circuit structure, logical operation and circuit analysis. tutorsglobe offers homework help, assignment help and tutor’s assistance on ttl nand gate.
We are offering top-notch Accounting Standards Assignment Help service for students at nominal prices with 24/7 support.
fertilization and cleavage formation in animals tutorial all along with the key concepts of types of fertilization, aquatic animals with external fertilization, mammals and internal fertilization, external fertilization, sea urchin, internal fertilization and frog and zebrafish eggs
Seismic Refraction tutorial all along with the key concepts of Refraction Surveys, Principal Refractors, Critical Refraction and Head Wave Snell's Law, Lengths of Refraction Spreads, Positioning Shots, Centre Shots, Annotation of Field Records, Picking Refraction Arrivals, Time-Distance Plots
standardization of non-standard solution tutorial all along with the key concepts of acid-base titration, indicators, ph scale, choice of indicator in acid-base titrations, wrong use of indicator, problem solving in acid-base titration, calculation of molar concentration
1960103
Questions Asked
3689
Tutors
1486798
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!