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If you hear the word "Joint Product", what is the first thing that comes in your...

If you hear the word "Joint Product", what is the first thing that comes in your mind?

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Answer #1

Joint Products:

Joint products are two or more products that are generated within a single production process; they cannot be produced separately and incur undifferentiated joint costs.

In other words, Joint products that are produced from the same basic raw materials, are comparatively of equal importance, are produced, simultaneously by a common process and may require further processing after the point of separation.

For example, in oil Industry, gasoline, duel oil, lubricants, coal tar and kerosene are all produced from crude petroleum. These are known as joint products.

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