Question

A joint product is: Multiple Choice any product produced by a company with more than one product line. any product involved in a make or buy decision. one of several products produced from a common input. any product which consists of several parts.

Answer 1

Answer:

The correct answer is letter "C": one of several products produced from a common input.

Explanation:

Joint products are those manufactured by large companies which production process at the early stages is the same for all different products being produced but at a certain stage, called the split-off, products start taking their own characteristics. As the products come from the same input initially, costs are allocated in a bundle. After the split-off, production costs are allocated in each type of product.

Answer 2

Answer:

The correct option is one of the several products produced from a common input.

Explanation:

Joint products are products sharing the same input resource.They are called joint because production leads  to production of another.

A typical example is petrol since producing it brings about other products like gasoline,asphalt,bitumen,diesel fuel,jet fuel and so on.

In process costing, some of the products that are either sold  with further processing at full price or without processing at scrap value.

The good thing the cost of the main product is reduced as the other ones also have value attached.