In process costing, a joint product is:

A. a product which is later divided into many parts

B. a product which is produced simultaneously with other products and is of similar value to at least one of the other products.

C. A product which is produced simultaneously with other products but which is of a greater value than any of the other products.

D. a product produced jointly with another organization

Answer: Option B

Solution(By Examveda Team)

In process costing, a joint product is a product which is produced simultaneously with other products and is of similar value to at least one of the other products.