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Define what is meant by the term "just in time production" (JIT). As indicated in your text, management accountants can supply relevant information to management as it considers a move to JIT. In this regard, describe some of the principal advantages of using a JIT system, and then describe some of the incremental costs that would likely be associated with a move to such a system.
Restricted Resources
Funds or resources that are designated for specific purposes by donors, grantors, or regulatory authorities, limiting their use.
Capital Assets
Long-term assets acquired for use in a business, intended for the purpose of earning income and not for resale.
Collections
The process of pursuing payments of debts owed by individuals or businesses to creditors or service providers.
Public Exhibition
An event where works of art, new products, or other items of interest are displayed to the general public.
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