JIT, MRP, and MRP II All Incorporate Some Version of the Basic

question 36

True/False

JIT, MRP, and MRP II all incorporate some version of the basic EOQ model into their philosophies.

---

Definitions:

Unearned Revenues

Income received by a company for goods or services that have yet to be delivered or performed.

Source Documents

Original records that provide evidence and details of business transactions, such as receipts and invoices.

Debit

A financial record that elevates an asset or expense account, or lessens a liability or equity account.

Double-entry Accounting

An accounting method where every financial transaction results in equal and opposite effects in at least two different accounts.