Joint products are two or more products generated simultaneously, by a single manufacturing process using common input, and being substantially equal in value.

Related MCQs

• In Units basis, Common costs are apportioned between joint products on the basis of the total number of units produced. The cost per unit is the same for all the joint products. (This is also described as the physical quantities basis).
• In order to calculate a cost for each joint product, the common costs must be ________ between the joint products.
• By products are outputs from a joint process that are relatively minor in quantity and/or value.
• Joint Cost are ………………to individual joint products.
• If normal loss has a scrap value the company is able to recover some of the input costs to the process. The scrap value reduces the cost of the process.
• The point at which joint products and by-products become separately identifiable is known as:
• Which of the methods of apportionment is normally used for apportioning common costs between joint products?
• The job costing method can therefore be applied in costing batches. The only difference is that a number of items are being costed together as a single unit, instead of a single item or service.
• The relative sales value method is the most widely used method of apportioning joint costs because (ignoring the effect of further processing costs) it assumes that all products achieve the same profit margin.
• Where process scrap is recycled for use in conjunction with new material as well as being so externally, which of. the following is most likely to be the value at which is debited to the process?