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Definition of joint process
a manufacturing process that simultaneously
an incidental output of a joint process; it is salable,
the total of all costs (direct material, direct labor,
a method of accounting for by-products or scrap that requires that the net realizable value of these products be treated as a reduction in the cost of the primary products; primary product cost may be reduced by decreasing either
an incidental output of a joint process; it is salable but
the point at which the outputs of a joint process are first identifiable or can be separated as individual products
The time that elapses between receipt of payment from a customer and the
A conception of the way a stock's price changes that assumes that the price takes on all
Refers to the time it takes the receiver of a check to process the payment and
An agreement between two or more firms to share risk and financing responsibility in
Firms that clear on more than one exchange.
The process of determining the prices of the assets in the marketplace through the
A method of costing for continuous manufacture in which costs for an accounting compared are compared with production for the same period to determine a cost per unit produced.
the process of combining information technology to create new and more effective
relative costs and benefits that result from a specific course
the method of cost assignment that computes an average cost per equivalent
modified FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per
the ability of a worker to monitor
benchmarking that focuses on practices and how the best-in-class companies achieved their results
an assessment about the number of processes through which a product flows
process costing system
a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products;
the actual time consumed performing the
a flowchart or diagram indicating every step
the total units produced during a period
process quality yield
the proportion of good units that resulted from the activities expended
product- (or process-) level cost
a cost that is caused by the development, production, or acquisition of specific products or services
statistical process control (SPC)
the use of control techniques that are based on the theory that a process has natural variations in it over time, but uncommon variations
strict FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per equivalent unit and, in transferring units from a department, keeps the
weighted average method (of process costing)
the method of cost assignment that computes an average cost per
Statistical assumptions about the behavior of security prices. For
The cost of a production process that creates more than one product at the
A product that has the highest sales value from among a group of products
A series of linked activities that result in a specific objective. For example, the
A costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products.
Inventory that has been partially converted through the
Purchased In-Process Research and Development
Unfinished research and development that is acquired from another firm.
Process flow production
A production configuration in which products are continually
Material that has been reworked and returned to stock.
Any items being converted into finished goods or released from
Joint Policy Life
One insurance policy that covers two lives, and generally provides for payment at the time of the first insured's death. It could also be structured to pay on second death basis for estate planning purposes.
a budget that has been developed
The point in a production process when clearly identifiable joint costs
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