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Financial Terms | |
Joint product |
Information about financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit.
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Definition of Joint productJoint productA product that has the highest sales value from among a group of products
Related Terms:approximated net realizable value at split-off allocationa method of allocating joint cost to joint products using a incremental separate costthe cost that is incurred for each joint processa manufacturing process that simultaneously 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 net realizable value at split-off allocationa method of allocating joint cost to joint products that uses, as the proration base, sales value at split-off minus all costs necessary sales value at split-off allocationa method of assigning joint cost to joint products that uses the relative sales values of the products at the split-off point as the proration basis; use of this method requires that all joint products Aggregate Production FunctionAn equation determining aggregate output as a function of aggregate inputs such as labor and capital. ![]() by-productan incidental output of a joint process; it is salable, By-productA product that is an ancillary part of the primary production process, having By-productA material created incidental to a production process, which can be cost of production reporta process costing document that economic production run (EPR)an estimate of the number equivalent units of production (EUP)an approximation of the number of whole units of output that could have been Factor of ProductionA resource used to produce a good or service. The main macroeconomic factors of production are capital and labor. grade (of product or service)the addition or removal of product Gross Domestic ProductTotal output of final goods and services produced within a country during a year. ![]() Gross domestic product (GDP)The market value of goods and services produced over time including the Gross National ProductTotal output of final goods and services produced by a country's citizens during a year. Gross national product (GNP)Measures and economy's total income. It is equal to GDP plus the income Investment product line (IPML)The line of required returns for investment projects as a function of beta 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 total of all costs (direct material, direct labor, 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. Lean productionThe technique of stripping all non-value-added activities from National Income and Product AccountsThe national accounting system that records economic activity such as GDP and related measures. ![]() Net Domestic ProductGDP minus depreciation. Net National ProductGNP minus depreciation. Non-production overheadA general term referring to period costs, such as selling, administration and financial expenses. Process flow productionA production configuration in which products are continually process productivitythe total units produced during a period ProductAny item intended for sale. product complexityan assessment about the number of components in a product product contribution marginthe difference between selling price and variable cost of goods sold Product costThe cost of goods or services produced. product costThis is a key factor in the profit model of a business. product product costa cost associated with making or acquiring inventory Product costThe total of all costs assigned to a product, typically including direct Product cycleThe time it takes to bring new and/or improved products to market. product life cyclea model depicting the stages through product line marginsee segment margin Product marketA business’s investment in technology, people and materials in order to make, buy and sell products or services to customers. product- (or process-) level costa cost that is caused by the development, production, or acquisition of specific products or services Product riskA type of mortgage-pipeline risk that occurs when a lender has an unusual loan in production or Product/service mixSee sales mix. product varietythe number of different types of products Production-flow commitmentAn agreement by the loan purchaser to allow the monthly loan quota to be Production overheadA general term referring to indirect costs. Production payment financingA method of nonrecourse asset-based financing in which a specified Production yield varianceThe difference between the actual and budgeted proportions productive capacitythe number of total units that could be ProductivityOutput per unit of input, usually measured as output per hour of labor. Sales Revenue Revenue recognized from the sales of products as opposed to the provision ofservices. UNITS OF PRODUCTIONA depreciation method that relates a machine’s depreciation to the number of units it makes each physical measurement allocationa method of allocating a joint cost to products that uses a common physical characteristic as the proration base Sales value at split-offA cost allocation methodology that allocates joint costs to joint 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 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. |