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Definition of Joint product
A product that has the highest sales value from among a group of products
a method of allocating joint cost to joint products using a
the cost that is incurred for each
a manufacturing process that simultaneously
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
a method of allocating joint cost to joint products that uses, as the proration base, sales value at split-off minus all costs necessary
a 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
The market value of goods and services produced over time including the
Measures and economy's total income. It is equal to GDP plus the income
The line of required returns for investment projects as a function of beta
An agreement between two or more firms to share risk and financing responsibility in
Firms that clear on more than one exchange.
The time it takes to bring new and/or improved products to market.
A type of mortgage-pipeline risk that occurs when a lender has an unusual loan in production or
A method of nonrecourse asset-based financing in which a specified
An agreement by the loan purchaser to allow the monthly loan quota to be
UNITS OF PRODUCTION
A depreciation method that relates a machineâ€™s depreciation to the number of units it makes each
A general term referring to period costs, such as selling, administration and financial expenses.
The cost of goods or services produced.
A businessâ€™s investment in technology, people and materials in order to make, buy and sell products or services to customers.
See sales mix.
A general term referring to indirect costs.
This is a key factor in the profit model of a business. product
an incidental output of a joint process; it is salable,
cost of production report
a 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
grade (of product or service)
the addition or removal of product
the total of all costs (direct material, direct labor,
the total units produced during a period
an assessment about the number of components in a product
product contribution margin
the difference between selling price and variable cost of goods sold
a cost associated with making or acquiring inventory
the number of total units that could be
product- (or process-) level cost
a cost that is caused by the development, production, or acquisition of specific products or services
product life cycle
a model depicting the stages through
product line margin
see segment margin
the number of different types of products
A product that is an ancillary part of the primary production process, having
The cost of a production process that creates more than one product at the
The total of all costs assigned to a product, typically including direct
Production yield variance
The difference between the actual and budgeted proportions
Aggregate Production Function
An equation determining aggregate output as a function of aggregate inputs such as labor and capital.
Factor of Production
A resource used to produce a good or service. The main macroeconomic factors of production are capital and labor.
Gross Domestic Product
Total output of final goods and services produced within a country during a year.
Gross National Product
Total output of final goods and services produced by a country's citizens during a year.
National Income and Product Accounts
The national accounting system that records economic activity such as GDP and related measures.
Net Domestic Product
GDP minus depreciation.
Net National Product
GNP minus depreciation.
Output 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 of
A material created incidental to a production process, which can be
The technique of stripping all non-value-added activities from
Process flow production
A production configuration in which products are continually
Any item intended for sale.
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.
physical measurement allocation
a method of allocating a joint cost to products that uses a common physical characteristic as the proration base
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
Sales value at split-off
A cost allocation methodology that allocates joint costs to joint
The point in a production process when clearly identifiable joint costs
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