What is a joint process, and what is the difference between a by-product and a main product?

Accounting

Joint Product and ByProduct Costing

Q1: What is a joint process, and what is the difference between a
by
product and a main product?
Q2: How are joint costs allocated?
Q3: What factors are considered in choosing a joint cost allocation method?
Q4: What information is relevant for deciding whether to process a joint product beyond the splitoff point?
Q5: What methods are used to account for the sale of byproducts?
Q6: How does a sales mix affect joint cost allocation?
Q7: How do joint cost allocations affect decisions and managerial incentives?