Just-In-Time Costing System Is a Costing System That Omits Recording

question 60

True/False

Just-in-time costing system is a costing system that omits recording some or all of the journal entries relating to the stages from purchase of direct materials to the sales of finished goods.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to a second party if the second party has reasonably relied on that promise to their detriment.

Unenforceable

A term describing a contract or clause that, due to legal deficiencies, cannot be executed or enforced by law.

Oral Contract

A legally binding agreement made through spoken words and commitments rather than in writing.

Statute of Frauds

A legal principle requiring certain types of contracts to be in writing and signed by the party being charged to be enforceable.