In a Just-In-Time (JIT) System, There Are Fewer Transactions to Record

question 21

True/False

In a just-in-time (JIT) system, there are fewer transactions to record than there are in a traditional system.

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Definitions:

Cost Reconciliation

The process of ensuring that the costs recorded in the accounting system match the actual expenses incurred, especially in a manufacturing or production process.

February

The second month of the year in the Gregorian calendar, typically consisting of 28 days, except in leap years when it has 29 days.

Weighted-Average Method

A cost-flow accounting method that averages the cost of goods available for sale and assigns an averaged cost to both ending inventory and cost of goods sold.

FIFO Method

A method of inventory valuation where the first items placed in inventory are the first ones to be used or sold.