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”. In other words, two
or more products of equal importance, produced, simultaneously from the same process, are
known as joint products. For example, in the oil industry, gasoline, fuel oil, lubricants, paraffin,
coal tar, asphalt and kerosene are all produced from crude petroleum. These are known as
joint products.
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2009
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March
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- MARGIN OF SAFETY
- THE BREAKEVEN POINT
- COST-VOLUME-PROFIT ANALYSIS
- MARGINAL COST EQUATION
- Limitations of Marginal Costing
- Advantages of Marginal Costing
- Presentation of Information:
- Control of expenses
- Semi-variable expenses
- Fixed expenses
- Variable expenses
- Key factor
- Contribution
- Incremental cost
- Differential cost :
- Direct costing:
- Definitions:
- THEORY OF MARGINAL COSTING
- Criticism of Standard Costing:
- Advantages of Standard Costing:
- ABOUT GLOBAL COMMUNICATIONS
- Overhead expenses variance
- Production Volume Variance:
- Overheads
- Labour
- Material
- Controllable and un-controllable variances:
- THE PROCESS OF STANDARD COSTING
- Uses of Standard Costs
- NEED FOR STANDARD COSTS
- Current standards:
- Basic or Bogey standards:
- Normal standards:
- Ideal standards:
- TYPES OF STANDARDS
- Standard hour:
- Overhead expense standards:
- Wage rate standard:
- Material price standards:
- Price or Rate standards:
- Problems faced while setting physical standards:
- Labour quantity standards:
- Material quantity standards:
- Physical standards:
- SETTING UP OF STANDARD COST
- DEFINITION OF STANDARD COST
- Where they require further processing
- When the by-products are of considerable total value
- Treatment of By-Product Cost in Cost-Accounting
- Re-use basis
- Comparative price
- Standard cost in technical estimates
- Market value or value on realisation
- Market value method
- Contribution margin method
- Survey method
- Physical unit method
- Method of apportioning joint cost over joint products
- Apportionment of joint costs
- By-Products
- Co-Products
- Joint Products
- Meaning of Joint Products and By-Products
- INTER-PROCESS PROFITS
- Valuation of work-in-progress
- COSTING OF EQUIVALENT PRODUCTION UNITS
- Abnormal gain
- Abnormal process loss
- Normal process loss
- TREATMENT OF NORMAL PROCESS LOSS, ABNORMAL PROCESS...
- Costing Procedure
- Basic features
- MEANING OF PROCESS COSTING
- MULTIPLE COSTING
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March
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