Session 9  Joint products and by-products
　　Main contents: 1. Multi-product processes
　　2. Joint products
　　3. By-products
　　9.1 Multi- product processes
　　The nature of process costing is that the process often produces more than one product.
　　These products may be described as either joint products or by-products.
　　● Joint product: two or more products separated in the course of processing, each having a sufficiently high saleable value to merit recognition as a main product.
　　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.
　　● By products: is an incident product from a process which has an insignificant value compared to the main product.
　　A by-product is not important as a saleable item, and whatever revenue it earns is a “bonus” for the organization. Because of their relative insignificance, by-products are not separately cost.
　　● Common costs or joint costs:
　　The point at which joint products and by-products become separately identifiable is known as the split-off point or separation point. Costs incurred prior to this point of separation are common or joint costs.
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