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A joint product is regarded as an important saleable item and so it should be separately costed. The profitability of each joint product should be assessed in the cost accounts.
A by product is not important as a saleable item and whatever revenue it earns is a 'bonus' for the organisation. Because of their relative insignificance, by -products are not separately costed.
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I agree with the Answer added by: frank mwansa ACCOUNTING LECTURER 29 days ago