Q83. What do you mean by Joint Product, Co- Product and By-Product?
Joint Product: Joint Product represents two or more products separated intercourse of same processing operation usually requiring further processing, each product being in such proportion that no single product can be designed as a major product. In other words, two or more products of equal importance, produced simultaneously from the same process are known as joint product.
Co- Product: Co-product may be defined as two or more products which are contemporary but do not emerge necessarily either from the same material or same process or both.
By-Product: These are defined as “products recovered from material discarded in a main process, or from the production of some major products, where the material value is to be considered at the time of severance from the main product”. Thus by products emerges as a result of processing operation of another product or they are produced from the scrap or waste of material of a process.