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By-product
A by-product or byproduct is a secondary product derived from a production process, manufacturing process or chemical reaction; it is not the primary product or service being produced. A by-product can be useful and marketable or it can be considered waste: for example, bran, which is a byproduct of the milling of wheat into refined flour, is sometimes composted or burned for disposal, but in other cases, it can be used as a nutritious ingredient in human food or animal feed. Gasoline was once a byproduct of oil refining that later became a desirable commodity as motor fuel. The plastic used in plastic shopping bags also started as a by-product of oil refining. In economics In the context of production, a by-product is the "output from a joint production process that is minor in quantity and/or net realizable value (NRV) when compared with the main products". Because they are deemed to have no influence on reported financial results, by-products do not receive allocations of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
By-product Synergy
A by-product or byproduct is a secondary product derived from a production process, manufacturing process or chemical reaction; it is not the primary product or service being produced. A by-product can be useful and marketable or it can be considered waste: for example, bran, which is a byproduct of the milling of wheat into refined flour, is sometimes composted or burned for disposal, but in other cases, it can be used as a nutritious ingredient in human food or animal feed. Gasoline was once a byproduct of oil refining that later became a desirable commodity as motor fuel. The plastic used in plastic shopping bags also started as a by-product of oil refining. In economics In the context of production, a by-product is the "output from a joint production process that is minor in quantity and/or net realizable value (NRV) when compared with the main products". Because they are deemed to have no influence on reported financial results, by-products do not receive allocations of jo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Manufacturing
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy. The term may refer to a range of human activity, from handicraft to high-tech, but it is most commonly applied to industrial design, in which raw materials from the primary sector are transformed into finished goods on a large scale. Such goods may be sold to other manufacturers for the production of other more complex products (such as aircraft, household appliances, furniture, sports equipment or automobiles), or distributed via the tertiary industry to end users and consumers (usually through wholesalers, who in turn sell to retailers, who then sell them to individual customers). Manufacturing engineering is the field of engineering that designs and optimizes the manufacturing process, or the steps through which raw materials are transformed into a final p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Net Realizable Value
Net realizable value (NRV) is a measure of a fixed or current asset's worth when held in inventory, in the field of accounting. NRV is part of the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. Net realizable value is generally equal to the selling price of the inventory goods less the selling costs (completion and disposal). Therefore, it is expected sales price less selling costs (e.g. repair and disposal costs). NRV prevents overstating or understating of an assets value. NRV is the price cap when using the Lower of Cost or Market Rule. Under IFRS, companies need to record the cost of their Ending Inventory at the lower of cost and NRV, to ensure that their inventory and income statement are not overstated (under ASPE, companies record the lower of cost and market value). For example, under IFRS, at a company's year end, if ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
