The Primary Characteristic of a Just-In-Time Inventory System Is That

question 278

True/False

The primary characteristic of a just-in-time inventory system is that suppliers deliver parts and materials right at the time that the buyer is going to use them in the production process.

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Definitions:

Depreciation Expense

The organized spreading of a tangible asset's expense over the duration of its utility.

Useful Life

The estimated duration a fixed asset is expected to be economically usable, with normal repairs and maintenance.

Straight-Line Method

A depreciation technique that allocates an equal amount of depreciation to each year of the asset's useful life.

Salvage Value

The estimated resale value of an asset at the end of its useful life, used in calculating depreciation.