Where Was the Just-In-Time Philosophy Developed

question 12

Multiple Choice

Where was the just-in-time philosophy developed?

• A) Germany
• B) United States
• C) Canada
• D) Japan
• E) Italy

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Definitions:

Accumulated Depreciation

The cumulative amount of depreciation expense recorded for an asset from the time of its acquisition.

Contra Asset

An account on a company's balance sheet that reduces the value of a related asset, such as accumulated depreciation.

Expense Account

An account that records the costs incurred by a business in the process of earning revenue, part of the company's income statement.

Adjusting Entry

A record added in the books at the closing of an accounting cycle to note any unrecorded earnings or expenditures during that time.