Glossary of Terms

Just in Time.

A costing system whereby costs are accumulated for each specific order, and therefore used when production is of batches of goods or of individual items with a non-standard specification.

Law. Joint and several liability means a creditor may sue one or more of the parties to a liability separately, or all of them together, for the whole amount of the liability.
This is a more favourable arrangement for the creditor, and less favourable for the parties undertaking the liability, compared with several liability (where each party’s liability is limited to a proportionate share of the whole amount).

(JV). This is a contractual arrangement where two or more parties undertake an economic activity which is subject to joint control.

Accounting. Recording of an accounting transaction via double entry, showing the debit on the left and the credit on the right.

Law. A previous judicial decision or proceeding that may be relied upon.

Credit rating. The lower credit ratings, from BB+ (Ba1) and lower, for longer term obligations.

Also known as Non-investment grade.

Law.
1. The authority given by law to a court to try cases and rule on legal matters within a particular geographic area and/or over certain types of legal cases.

2. The geographical or other area which is subject to a particular legal system. For example, a country.

(JIT). Just-in-time stock management has the aim of eliminating, as far as possible all stocks. It does this by ensuring that nothing is bought, made or processed at any stage in the production line before it is needed.

Joint Venture.