Terms

Just$-$In$-$Time $($JIT$)$ Inventory

Activity$-$Based Costing

Service Industries

Service Industries

Balanced Scorecard

Descriptions

Inventory system in which goods are manufactured or purchased just as they are needed for sale.

A method of allocating overhead based on each product's use of activities in making the product.

Systems that are especially important to firms adopting just$-$in$-$time inventory methods.

Part of the value chain for a manufacturing company.

The U$.$S$.$ economy is trending toward this.

A performance$-$measurement approach that uses both financial and nonfinancial measures, tied to company objectives, to evaluate a company's operations in an integrated fashion.

Requires that top managers certify that the company maintains an adequate system of internal controls over financial reporting.