With the ________ Inventory Control System, Producers Hold Only the Amount

question 147

Multiple Choice

With the ________ inventory control system, producers hold only the amount of materials and parts that they need for a short period of time, sometimes just a few hours.

• A) ABC
• B) first-in, first-out (FIFO)
• C) just-in-time (JIT)
• D) maximum

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Definitions:

Retained Earnings

The portion of net income that is not distributed to shareholders as dividends but is kept by the company for reinvestment.

Total Assets

The sum of all resources owned by a company, valued in monetary terms.

Deferral

A financial term referring to the postponement of the recognition of certain revenues or expenses to a later accounting period.