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.
EmoticonEmoticon