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

DAY BOOK is a written record/ledger in which transactions have been recorded as they occurred.

PAYMENT is the satisfaction of a debt or claim; primarily money paid to fulfill an obligation.

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