J

JIT

See JUST-IN-TIME.

JOBBER

A wholesaler, especially one who buys in small lots from manufacturers and importers for resale to retailers. Also, a middleperson who arranges purchases between manufacturer and retailer, thereafter delivery is made directly to the retailer.

JOB COST

A financial accounting system that traces and assigns all production (DIRECT) costs to the product, product line, job or project for which the cost was incurred. Thereby, the expenditures directly attributable to the job are known and identifiable. Conversely, all non-production costs (OVERHEAD, INDIRECT) are excluded from the job cost.

JOB SHOP

A manufacturing business that produces products per order after a signed sales contract is executed, as opposed to production of products for warehousing until a customer orders them. A job shop produces outputs in small batches to customer specifications, and these specifications can differ from customer to customer.

JOINT AND SEVERAL LIABILITY

A legal expression meaning all people jointly are liable and/or each person individually is liable for repayment of a debt or obligation. Thus, each individual who signed the obligation could be required to repay the entire obligation.

JOINT TENANCY

Owning property by two or more persons; upon the death of one, the survivor takes title to the entire property.

JOINT VENTURE

A business association of two or more businesses or persons whereby they work together on a single project; similar to a GENERAL PARTNERSHIP, but limited in either scope or duration or both, such as in working on one project together. Investment in a plant, facility or project with another firm. Taxed as a PARTNERSHIP. In international trade, often a joint venture is mandated by national laws that prohibit majority ownership by a foreign firm.

JOINT VENTURER

One of the member companies or persons engaged in a JOINT VENTURE.

JOURNAL

In accounting, the record of original entry where financial transactions are initially recorded. In a DOUBLE-ENTRY accounting system, a listing of all transactions in chronological order with notation of the accounts to which they belong. Also, the process of making the notations in the journal records for DEBITS and CREDITS. Sometimes refers to the financial newspaper with the name The Wall Street Journal.

JOURNALIZE

To make entries in the JOURNAL; to classify and record transaction data in the journal.

JUNIOR LOAN

A loan that would not be paid in a liquidation situation until all SENIOR LOANS were paid first. See SUBORDINATE.

JUST-IN-TIME (JIT)

A production and inventory method popularized by the Japanese whereby materials and supplies are delivered to the production site at the precise time they are needed rather than being stockpiled in a warehouse at the production site for a future need.

 

All definitions were taken from www.small-business-dictionary.org.