A(n) ________ Is a Concept That Results in Material Being

question 89

Short Answer

A(n) ________ is a concept that results in material being produced only when requested and moved to where it is needed just as it is needed.

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Definitions:

Corporation

A legal entity separate from its owners, with rights to own assets, incur liabilities, and sell stock, subject to corporate taxes.

Closing Entries

At the close of an accounting period, records are made to move balances from interim accounts to enduring accounts.

Accounting Cycle

The sequence of steps followed in the accounting process to track and report financial transactions, from the initial transaction to the financial statements.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, typically including a balance sheet, income statement, and cash flow statement.