joint products

Joint Products

Two or more products derived from the same source using the same tools. For example, natural gas and oil from the same well are joint products. See also: Joint Product Cost.

joint products

products which emerge from the same production process; for example, petrol, diesel and tar from a common oil refining process.

See JOINT COSTS, BY-PRODUCT.

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References in classic literature ?

We found that the division of the joint product that took place there was similar to the division that took place in the sum total of all industrial processes.

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The light was the joint product of a fire and a candle.

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The simulation allows for the efficient understanding of the accounting complexities of joint products and byproducts.

Using technology to teach joint product costing

Joint products are defined as: "Two or more products produced by the same process and separated in processing, each having sufficiently high saleable value to merit recognition as a main product.

Management accounting--decision management: Tim Thompson presents a sample self-test question that explains what process costing does--and does not--tell us when it comes to evaluating joint products

Under the agreement, TRW and Michelin will work together toward development of a standardized tire pressure monitoring device for automakers and will cooperate in marketing their joint products.

TRW, Farmington Hills, MI, and Michelin, Clermont-Ferrand, France, signed a technical cooperation agreement to develop and market tire pressure monitoring devices for the passenger car and light truck industries

It is an approximate equal sharing of the process costs according to the number of joint products.

Armful practice? The National Blood Authority has radically changed its problematic cost allocation method for joint blood products, but the new approach is equally flawed--if not more so. Paul Trenchard and Rob Dixon report on their CIMA-funded project to develop a third way based on the usefulness of products rather than profitability