Journal Entry
A journal entry is the primary method of recording business transactions in accounting. Each entry follows the double-entry principle, involving at least one debit and one credit. Proper journal entries ensure accuracy in financial records and serve as the foundation for preparing ledgers, trial balances, and financial statements.
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Joint Cost
Joint cost refers to expenses incurred during a process that produces multiple products simultaneously, such as refining crude oil into…
Just-in-Time (JIT) Inventory
Just-in-Time inventory is a management strategy that reduces waste and storage costs by receiving materials only when needed for production.…
Job Costing
Job costing is a method used to track costs associated with a specific project or job. It records direct materials,…
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