The Just-In-Time Philosophy Emphasizes

question 102

Multiple Choice

The just-in-time philosophy emphasizes

• A) completing products on schedule.
• B) increasing production.
• C) finishing all products before starting new ones.
• D) eliminating waste.

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Definitions:

Liability Account

An accounting record that captures the amounts owed by a business to others, representing its debts or obligations.

Double-Entry System

An accounting system that records each transaction twice, as debits in one account and credits in another, to ensure the accounting equation remains balanced.

Accounting Equation

The fundamental equation stating that Assets = Liabilities + Equity, which is the basis of the double-entry bookkeeping system.

Accounts Payable

Liabilities of a business that are owed to creditors for goods and services purchased on credit but not yet paid.