1. Joint cost:
Joint product represent two or more
products separated in the course of the same processing operation( derived from
a common source of materials) each usually requiring further processing and
each product having such relative volume that no one product can be designated
as a major product.
2. By- product:
A
By-product is an article relatively minor in the term of total value and is
derived incidental to the production or manufacture of one or more major
products.
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