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Explain the following terms and give at least one example for each. 11- Joint Products 12-...

Explain the following terms and give at least one example for each.

11- Joint Products

12- Split-Off Point

13- Separable Costs

14- Joint Costs

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Answer #1

Joint products: outputs of a joint production process that yields two or more products with a high sales value compared to the sales values of any other outputs

Split off point: the juncture in a joint production process where two or more products become seperately identifiable

Separable costs: all costs incurred beyond the split-off point that are assignable to each of the specific products identified at the split-off point.

Joint costs: the costs of a production process that yields multiple products simultaeously

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