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Financial Terms | |
joint process |
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Definition of joint processjoint processa manufacturing process that simultaneously
Related Terms:by-productan incidental output of a joint process; it is salable, joint costthe total of all costs (direct material, direct labor, net realizable value approacha 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 scrapan incidental output of a joint process; it is salable but split-off pointthe point at which the outputs of a joint process are first identifiable or can be separated as individual products business process reengineering (BPR)the process of combining information technology to create new and more effective Corporate processing floatThe time that elapses between receipt of payment from a customer and the ![]() cost-benefit analysis the analytical process of comparing therelative costs and benefits that result from a specific course Diffusion processA conception of the way a stock's price changes that assumes that the price takes on all FIFO method (of process costing)the method of cost assignment that computes an average cost per equivalent In-house processing floatRefers to the time it takes the receiver of a check to process the payment and Ito processStatistical assumptions about the behavior of security prices. For Joint accountAn agreement between two or more firms to share risk and financing responsibility in Joint clearing membersFirms that clear on more than one exchange. Joint costThe cost of a production process that creates more than one product at the Joint Policy LifeOne 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. Joint productA product that has the highest sales value from among a group of products modified FIFO method (of process costing)the method of cost assignment that uses FIFO to compute a cost per multiprocess handlingthe ability of a worker to monitor Price discovery processThe process of determining the prices of the assets in the marketplace through the ProcessA series of linked activities that result in a specific objective. For example, the process benchmarkingbenchmarking that focuses on practices and how the best-in-class companies achieved their results process complexityan assessment about the number of processes through which a product flows Process costingA 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. Process costingA costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products. process costing systema method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products; Process flow productionA production configuration in which products are continually process mapa flowchart or diagram indicating every step process productivitythe total units produced during a period process quality yieldthe proportion of good units that resulted from the activities expended processing timethe actual time consumed performing the product- (or process-) level costa cost that is caused by the development, production, or acquisition of specific products or services Purchased In-Process Research and DevelopmentUnfinished research and development that is acquired from another firm. Reprocessed materialMaterial that has been reworked and returned to stock. 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 Work-in-processAny items being converted into finished goods or released from Work-in-process inventoryInventory that has been partially converted through the participatory budgeta budget that has been developed Split-off pointThe point in a production process when clearly identifiable joint costs Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |