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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
An equation determining aggregate output as a function of aggregate inputs such as labor and capital.
an incidental output of a joint process; it is salable,
A product that is an ancillary part of the primary production process, having
A material created incidental to a production process, which can be
a process costing document that
an estimate of the number
an approximation of the number of whole units of output that could have been
A resource used to produce a good or service. The main macroeconomic factors of production are capital and labor.
the addition or removal of product
Gross Domestic Product
Total 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 Product
Total 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
An agreement between two or more firms to share risk and financing responsibility in
Joint clearing members
Firms that clear on more than one exchange.
the total of all costs (direct material, direct labor,
The cost of a production process that creates more than one product at the
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.
The technique of stripping all non-value-added activities from
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.
A general term referring to period costs, such as selling, administration and financial expenses.
Process flow production
A production configuration in which products are continually
the total units produced during a period
Any item intended for sale.
an assessment about the number of components in a product
product contribution margin
the difference between selling price and variable cost of goods sold
The cost of goods or services produced.
This is a key factor in the profit model of a business. product
a cost associated with making or acquiring inventory
The total of all costs assigned to a product, typically including direct
The time it takes to bring new and/or improved products to market.
product life cycle
a model depicting the stages through
product line margin
see segment margin
A business’s investment in technology, people and materials in order to make, buy and sell products or services to customers.
product- (or process-) level cost
a cost that is caused by the development, production, or acquisition of specific products or services
A type of mortgage-pipeline risk that occurs when a lender has an unusual loan in production or
See sales mix.
the number of different types of products
An agreement by the loan purchaser to allow the monthly loan quota to be
A general term referring to indirect costs.
Production payment financing
A method of nonrecourse asset-based financing in which a specified
Production yield variance
The difference between the actual and budgeted proportions
the number of total units that could be
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
UNITS OF PRODUCTION
A depreciation method that relates a machine’s depreciation to the number of units it makes each
physical measurement allocation
a method of allocating a joint cost to products that uses a common physical characteristic as the proration base
Sales value at split-off
A cost allocation methodology that allocates joint costs to joint
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 point in a production process when clearly identifiable joint costs
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