Just-In-Time (JIT) Production Systems Are Also Referred to as Lean

question 71

True/False

Just-in-Time (JIT) production systems are also referred to as lean production.

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Definitions:

Current Cost Accounting

An accounting approach that records assets and liabilities at their current market value rather than their historical cost.

Realized Gains

Profits made from the sale of assets that exceed the purchase price, distinguishing from unrealized gains on assets still held.

LIFO Inventory

Last-In, First-Out, an inventory valuation method that assumes the last items added to inventory are the first sold, affecting the reported income and inventory value.

FIFO Inventory

FIFO Inventory, or First-In, First-Out, is an inventory valuation method where the goods first purchased or produced are the first to be sold.