The Just- In- Time (JIT) Philosophy Is the Belief That

question 24

True/False

The just- in- time (JIT) philosophy is the belief that wastes can be eliminated by cutting inventory and removing non- value- added activities in operations.

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Definitions:

Liability Account

An accounting record that captures the amounts a company owes to creditors or suppliers.

Asset Account

A ledger account that tracks the value of an entity's resources or items of value owned, such as cash, inventory, equipment, and real estate.

Credit Customer

A credit customer is a customer who purchases goods or services on credit, agreeing to pay the seller at a later date as specified by the credit terms.

Services

Activities or benefits provided by one party to another, often as a component of economic transactions where physical goods are not exchanged.