PROCESS COSTING JOINT AND BY-PRODUCTS

Introduction

"Joint products and by-products"
Dealing with common costs
Joint Products in process accounts
"Accounting for by-products"

In it

Distinguish between by-products and joint products
"Value by-products and joint products at the point of separation"
Prepare process accounts in situations where by-products and/or joint products occur

Simple searches

Define:Process Costing
Define:Weighted Average Process Costing
Define:Fifo process costing
Worksheet of process costing questions
Dealing with common costs in process costing

Just guessing

Process costing: Costs calculating system for processes. e.g Industrial process etc. (blame me if wrong)

Process costing can have two types of products separated in the process .
1. Joint and 2. By-product

Joint products are those products one or two whatever the output of a process results in. The output products both have saleable (value gained on sale) value and both are different from each other. e.g. Oil-refining process gives petrol and paraffin both have high saleable value.

By-product as it's name suggests is an extra product that arises as a result of a process of a making a main/principal product. The by-product has a low saleable value as compared to the main product under production e.g. timber industry - gives sawdust and bark which has very low saleable value as compared to timber itself.

Don't have a clue! Blame me. I confess to all the blames.

INTRODUCTION : BUDGETING

1. Budgetary planning and control systems
2. The preparation of budgets
3. The sales budget
4. Production and related budgets
5. Fixed and flexible budgets
6. Preparing flexible budgets
7. Flexible budgets and Budgetary control

Nature and purpose of Budgeting

Explain why organizations use budgeting?
Explain the administrative procedure used in Budgeting
Describe the Stages in Budgeting process

Functional Budgets

Explain the term 'principal budget factor'
Prepare budgets for sales production, materials (usage and purchase), labour and overheads

Flexible Budgets and Standard Costing

Explain and prepare fixed, flexible and flexed budgets

Reconciliation of budgeted profit and actual profit

Reconcile budgeted profit with actual profit under standard absorption costing

Final Words,

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