The value of a by-product can be recognized at the time:
I. Of production
II. Of its sale
III. Joint products are sold
A) I and II only
B) I and III only
C) II and III only
D) I, II, and III

Question

Quizplus · Accepted Answer

The value of a by-product can be recognized at the time of production and at the time of its sale. Recognizing the value at the time joint products are sold is not a standard practice for by-products, as their accounting is typically handled separately.

The Value of a By-Product Can Be Recognized at the Time