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What are the major elements of JIT?
Economic Decisions
Choices made by individuals, firms, or governments regarding allocation of resources to satisfy needs and desires, often involving trade-offs.
Going Concern Basis
An accounting principle that assumes a business will continue to operate and remain solvent in the foreseeable future.
Accounting Policy
The unique criteria, base assumptions, conventions, statutes, and approaches employed by a business in the development and disclosure of financial statements.
Measurement Bases
The various methods or approaches for determining the value at which assets, liabilities, income, and expenses are recognized and presented in financial statements.
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