A Firm That Has Implemented JIT Had the Following Transactions

question 53

Multiple Choice

A firm that has implemented JIT had the following transactions:
-Which of the following would NOT be an entry under the backflush system, assuming the second trigger point is the completion of goods?

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Definitions:

Liabilities

Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.

Contingent Liabilities

Contingent liabilities are potential liabilities that may occur depending on the outcome of a future event.

Account

A record in bookkeeping that tracks financial transactions of a specific type, such as assets, liabilities, expenses, or revenue.

FUTA

The Federal Unemployment Tax Act, a United States federal law that imposes a payroll tax on businesses to fund state workforce agencies.