BYPRODUCT

By-product

A by-product is a secondary product derived from a manufacturing process or chemical reaction. It is not the primary product or service being produced. In the context of production, a by-product can be defined as the 'output from a joint production process that is minor in quantity and/or NRV when compared to the main products'. Because they are deemed to have no influence on reported financial results, by-products do not receive allocations of joint costs. By-products also by convention are not inventoried, but the NRV from by-products is typically recognized as 'other income' or as a reduction of joint production processing costs when the by-product is produced.

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byproduct

Noun

  1. A secondary or additional product; something produced, as in the course of a manufacture, in addition to the principal product.


The above text is a snippet from Wiktionary: byproduct
and as such is available under the Creative Commons Attribution/Share-Alike License.

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