JOINT COSTS Definition

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JOINT COSTS are costs incurred to produce a certain amount of two or more products where the cost of producing one product cannot be logically isolated and cost allocation is arbitrary. Simplified, they are the costs of a single production process that yields multiple products simultaneously.

Learn new Accounting Terms

MARGINAL REVENUE is the change in total revenue as a result of producing one additional unit of output.

OMAD is Output Message Accountability Data. In SAP transactions, it is the Number Ranges for Batch Numbers.

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