The JIT Philosophy Does Not Focus on

question 23

Multiple Choice

The JIT philosophy does not focus on

• A)standardizing parts used in products.
• B)eliminating waste in the production process.
• C)finding the absolute lowest price for purchased parts.
• D)improving quality of output.

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Definitions:

Expense Account

An account used to record expenses incurred by a business, which are then used to reduce income on the profit and loss statement.

Understated

Understated means that a financial amount has been reported or recorded as less than its actual or true value.

Posting

The process of recording financial transactions in the accounting ledger from the journal.

Ledger

A comprehensive collection of a company's financial accounts, providing a record of all financial transactions.