Terms to Learn

This chapter and the Glossary at the end of the text contain definitions of the following important terms:

1. byproducts
2. constant gross-margin percentage NRV method
3. joint costs
4. joint products
5. main product
6. net realizable value (NRV) method
7. physical-measure method
8. product
9. sales value at splitoff method
10. separable costs
11. splitoff point