Just-In-Time Philosophy Is Applicable In

question 19

Multiple Choice

Just-in-time philosophy is applicable in:

• A) Service organizations
• B) Manufacturing organizations
• C) Assembly line operations
• D) A, B, and C
• E) A and C only

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Definitions:

Temporary Difference

A difference between the book value of an asset or liability and its tax value that results in taxable or deductible amounts in future years.

Pretax Financial Income

Pretax Financial Income is the amount of income earned by a company before taxes are deducted, as reported in its financial statements.

Taxable Income

The amount of income used to calculate how much tax an individual or a company owes to the government in a particular tax year.

GAAP

Generally Accepted Accounting Principles - a collection of commonly-followed accounting rules and standards for financial reporting.