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Term: Accounting -> Just-in-time
Term:

Just-in-time

Definition:

An inventory system that attempts to minimize inventory costs that do not add value for the customer. It arranges for suppliers to deliver small quantities of raw materials just before those units are needed in production. Storing, insuring, and handling raw materials are costs that add no value to the product, and so are minimized in a just in time system.

Related terms:

Reasonable assurance (in internal control)

Flexible Life Insurance
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