Just-In-Time Processing

question 56

Multiple Choice

Just-in-time processing

• A) results in the opposite of a just-in-case philosophy.
• B) results in a pull approach.
• C) minimizes inventory storage and waiting time.
• D) all of the above.

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Definitions:

Balance Sheet

A business statement that consolidates the assets, debts, and shareholder equity of a company at a certain point.

Net Income

The amount of profit left after all expenses, taxes, and costs have been subtracted from total revenue.

Retained Earnings

The portion of a company's profits not distributed to shareholders as dividends but retained by the company for reinvestment or to pay off debt.

Adjusted Trial Balance

A trial balance that reflects all adjustments made to the general ledger accounts, ensuring the debits equal the credits prior to preparing financial statements.