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Financial Terms | |
just-in-time manufacturing system |
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Definition of just-in-time manufacturing systemjust-in-time manufacturing systema production system that attempts to acquire components and produce inventory only as needed, to minimize product defects, and to
Related Terms:Accelerated cost recovery system (ACRS)Schedule of depreciation rates allowed for tax purposes. Accounting systemA set of accounts that summarize the transactions of a business that have been recorded on source documents. actual cost systema valuation method that uses actual direct Adjustable rate preferred stock (ARPS)Publicly traded issues that may be collateralized by mortgages and MBSs. Adjusted Cash Flow Provided by Continuing OperationsCash flow provided by operating Adjusted EarningsNet income adjusted to exclude selected nonrecurring and noncash items of reserve, gain, expense, and loss. Adjusted EBITDAConventional earnings before interest, taxes, depreciation, and amortization (EBITDA) revised to exclude the effects of mainly nonrecurring items of revenue or gain and expense or loss. ![]() Adjusted Income from ContinuingOperations Reported income from continuing operations Adjusted present value (APV)The net present value analysis of an asset if financed solely by equity Adjusting entriesThe entries needed at the end of an accounting period to properly state certain account balances. Automated storage/retrieval systemA racking system using automated systems Break-even timeRelated: Premium payback period. business intelligence (BI) systema formal process for gathering and analyzing information and producing intelligence to meet decision making needs; requires information about Cash flow time-lineLine depicting the operating activities and cash flows for a firm over a particular period. charge-back systema system using transfer prices; see transfer Clearing House Automated Payments System (CHAPS)A computerized clearing system for sterling funds ![]() Clearing House Interbank Payments System (CHIPS)An international wire transfer system for high-value computer-aided manufacturing (CAM)the use of computers to control production processes through numerically computer integrated manufacturing (CIM)the integration of two or more flexible manufacturing systems through the use of a host computer and an information networking system cost control systema logical structure of formal and/or informal cost management system (CMS)a set of formal methods Cumulative-Effect AdjustmentThe cumulative, after-tax, prior-year effect of a change in accounting Cumulative Translation Adjustment (CTA) accountAn entry in a translated balance sheet in which gains cycle timethe time between the placement of an order to Du Pont systemA breakdown of ROE and ROA into component ratios. Dupont system of financial controlHighlights the fact that return on assets (ROA) can be expressed in terms Electronic Federal Tax Payment Systems (EFTPS)An electronic funds transfer system used by businesses to remit taxes to the government. employee time sheeta source document that indicates, for each employee, what jobs were worked on during the day and for what amount of time enterprise resource planning (ERP) systema packaged software program that allows a company to Enterprise resource planning systemA computer system used to manage all company European Monetary System (EMS)An exchange arrangement formed in 1979 that involves the currencies Federal Reserve SystemThe central bank of the U.S., established in 1913, and governed by the Federal Federal Reserve SystemThe central banking authority responsible for monetary policy in the United States. flexible manufacturing system (FMS)a production system in which a single factory manufactures numerous variations hybrid costing systema costing system combining characteristics idle timethe amount of time spent in storing inventory or Imputation tax systemArrangement by which investors who receive a dividend also receive a tax credit for inspection timethe time taken to perform quality control activities Interac systemCanada's bank machine and electronic debit system. If you use your bank card at a bank machine which displays the Interac symbol (and that bank machine is not your bank's machine), you will be charged a fee. Inventory adjustmentA transaction used to adjust the book balance of an inventory job order costing systema system of product costing used judgmental method (of risk adjustment)an informal method of adjusting for risk that allows the decision maker Just-in-time inventory systemssystems that schedule materials/inventory to arrive exactly as they are just-in-time (JIT)a philosophy about when to do something; Just-in-time (JIT)A cluster of manufacturing, design, and delivery practices designed to Just-in-time manufacturingThe term for several manufacturing innovations that just-in-time traininga system that maps the skill sets employees lead timesee cycle time lock-box systemsystem whereby customers send payments to a post office box and a local bank collects and processes checks. MACRS (Modified Accelerated Cost Recovery System)A depreciation method created by the IRS under the Tax Reform Act of 1986. Companies must use it to depreciate all plant and equipment assets installed after December 31, 1986 (for tax purposes). management control system (MCS)an information system that helps managers gather information about actual organizational occurrences, make comparisons against plans, management information system (MIS)a structure of interrelated elements that collects, organizes, and communicates manufacturing cella linear or U-shaped production grouping of workers or machines manufacturing cycle efficiency (MCE)a ratio resulting from dividing the actual production time by total lead time; Manufacturing resource planningAn integrated, computerized system for planning manufacturing resource planning (MRP II)a fully integrated materials requirement planning system that involves Manufacturing resource planning (MRP II)An expansion of the material requirements planning concept, with additional computer-based capabilities in the areas of Market timerA money manager who assumes he or she can forecast when the stock market will go up and down. Modified Accelerated Cost Recovery System (MACRS)Depreciation method that allows higher tax deductions in early years and lower deductions later. Multirule systemA technical trading strategy that combines mechanical rules, such as the CRISMA Net adjusted present valueThe adjusted present value minus the initial cost of an investment. Nonsystematic riskNonmarket or firm-specific risk factors that can be eliminated by diversification. Also normal cost systema valuation method that uses actual Option-adjusted spread (OAS)1) The spread over an issuer's spot rate curve, developed as a measure of Overdraft Systemsystem whereby a depositor may write cheques in excess of the balance, with the bank automatically extending a loan to cover the shortage. OvertimeA pay premium of 50 percent of the regular rate of pay that is earned performance management systema system reflecting the entire package of decisions regarding performance measurement and evaluation Periodic inventory systemAn inventory system in which the balance in the Inventory account is adjusted for the units sold only at the end of the period. Perpetual inventory systemAn inventory system in which the balance in the Inventory account is adjusted for the units sold each time a sale is made. Planning, programming and budgeting system (PPBS)A method of budgeting in which budgets are allocated to projects or programmes rather than to responsibility centres. PLUS systemA bank machine network outside Canada, across the U.S. and internationally. Customers who use a bank machine with a 'PLUS' symbol may be charged a fee. Price AdjusterA firm that reacts to excess supply or excess demand by adjusting price rather than quantity. Contrast with quantity adjuster. Price SystemSee market mechanism. process costing systema method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products; processing timethe actual time consumed performing the Progressive tax systemA tax system wherein the average tax rate increases for some increases in income but pull systema production system dictated by product sales Pull systemA materials flow concept in which parts are only withdrawn after a push systemthe traditional production system in which Push systemA materials flow concept in which parts are issued based on planned Quantity AdjusterA firm that reacts to excess supply or excess demand by adjusting quantity rather than price. Contrast with price adjuster. Real timeA real time stock or bond quote is one that states a security's most recent offer to sell or bid (buy). red-line systeman inventory ordering system in which a red responsibility accounting systeman accounting information system for successively higher-level managers about the performance of segments or subunits under the control Risk-adjustedreturn Return earned on an asset normalized for the amount of risk associated with that asset. risk-adjusted discount rate methoda formal method of adjusting for risk in which the decision maker increases the rate used for discounting the future cash flows to compensate for increased risk Risk-adjusted profitabilityA probability used to determine a "sure" expected value (sometimes called a Seasonal AdjustmentAdjustment to correct measures for changes that happen for seasonal reasons. service timethe actual time consumed performing the functions Split-rate tax systemA tax system that taxes retained earnings at a higher rate than earnings that are standard cost systema valuation method that uses predetermined SystematicCommon to all businesses. Systematic riskAlso called undiversifiable risk or market risk, the minimum level of risk that can be Systematic RiskThe amount of total risk that cannot be eliminated by portfolio Systematic risk principleOnly the systematic portion of risk matters in large, well-diversified portfolios. systematic withdrawal planPlans offered by mutual fund companies that allow unitholders to receive payment from their investment at regular intervals. Time ClockA device used to stamp an employee’s incoming or outgoing time Time decayRelated: theta. Time depositInterest-bearing deposit at a savings institution that has a specific maturity. Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |