BEC Cost Accounting Part 3 Flashcards
1
Q
Joint Products
A
two or more products that are generated from a common input.
2
Q
By-Products
A
minor products of relatively small value that incidentally result from the manufacture of the main product
3
Q
Split-Off Point
A
The point in the production process at which the joint products can be recognized as individual products.
4
Q
Joint Product Costs (or joint costs)
A
joint product costs are costs incurred in producing products up to the split-off point
5
Q
Separable Costs
A
Cost incurred on a product after the split-off point.
