A job lot is a form of contract authorizing the completion of a particular order size, particularly related to a production run dictated by a job order.
A number assigned to each job where job costing is in operation; it enables the costs to be charged to this number so that all the individual costs for a job can be collected.
A job order is an internal management authorization for the production of a specified number of goods or services. It guides the workflow, ensures accountability, and streamlines the production process.
Job placement involves the process of matching individuals' skills and qualifications with suitable employment opportunities, ensuring an optimal fit between management's needs and employee capabilities.
Job rotation involves moving an employee periodically from one job to another. The primary purposes are to offer comprehensive organizational experience as a training process and to mitigate boredom resulting from repetitive job tasks.
Job satisfaction refers to the sense of inner fulfillment and pride achieved when performing a particular job. It occurs when an employee feels that they have accomplished something of importance and value worthy of recognition, and experience a sense of joy.
Job security refers to the probability that an individual will keep their job; it is the assurance that an employee has about the continuity of gainful employment for their work life.
The concept of job sharing involves dividing the responsibilities and hours of one job between two people. It serves as a strategic alternative to layoffs, providing each employee with part-time work during challenging economic conditions.
Job sharing is an employment arrangement where two or more individuals split the responsibilities, hours, and benefits of a full-time job. It's designed to offer flexibility in work schedules and contributes to work-life balance for employees.
A job shop is a business model that focuses on producing customized products to specific orders, rather than mass production based on anticipated demand.
A job specification is a detailed description outlining the skills, education, and experience required for a particular position.
A job ticket, also known as a job card, is a document used in manufacturing and service industries to track the working hours, materials used, and the progress of a job or a service request. It provides detailed instructions and specifications necessary to complete a job efficiently and accurately.
Job-related injuries are physical or psychological harm that occur during the course of employment, often addressed under workers' compensation laws.
A jobber serves as a middleman in the sale of goods by buying products from wholesalers and reselling them to retailers. Unlike brokers or agents who sell on behalf of others, jobbers purchase goods themselves before resale.
A tax return filed jointly by a married couple, computing a combined tax liability with progressive tax rates based on the assumed equal income by both spouses.
A joint account is a bank or building-society account held in the names of two or more people, allowing any of the account holders to operate it independently. It is commonly used by spouses, partners, or business collaborators.
A liability that is shared by a group, where each member can be held responsible for the entire obligation if other members fail in their undertaking. Commonly found in partnerships and co-signed agreements.
An annuity that provides payments to two or more beneficiaries, typically a husband and wife. When one of the annuitants passes away, the survivor continues to receive annuity payments; however, the payments made to the deceased are not transferred to the survivor.
A joint audit is an audit conducted by two or more auditing firms who collaborate to prepare a single audit report, enhancing the overall audit quality and credibility.
Joint costs are costs that are incurred up to the point where multiple products are separately identifiable in a production process. They are essential in evaluating the cost-effectiveness and profitability of production processes.
In process costing, the costs incurred prior to the separation point after which the joint products are treated individually. Joint costs are therefore common to the joint products and need to be apportioned to determine individual product costs.
The Joint Disciplinary Scheme (JDS) was a former regulatory body responsible for investigating accountancy-related misconduct by members of certain UK professional bodies. It has now been succeeded by other bodies such as the Financial Reporting Council (FRC) and the Accountancy and Actuarial Discipline Board (AADB).
The Joint Disciplinary Scheme (JDS) is a regulatory system overseen by the Accountancy and Actuarial Discipline Board aimed at upholding professional standards and examining cases of misconduct within the realm of accountancy and actuarial professions.
The Joint Economic Committee (JEC) is a joint House and Senate committee that focuses on significant economic matters and developments to keep Congress informed.
In transportation, a published fare or shipping rate that includes the cost of two or more carriers (such as airlines or railroads) required to reach the destination sought.
Joint liability refers to the shared responsibility of two or more individuals or entities to fulfill a debt or legal obligation. This often applies in situations where multiple parties have borrowed money or are subject to a legal claim.
The common cost incurred in a production process that results in multiple products, typically allocated based on relative selling prices.
The output of a process in which there is more than one product and all the products have similar or equal economic importance.
A form of business organization that combines features of a corporation and a partnership. Under U.S. law, joint stock companies are recognized as corporations, but with unlimited liability for their stockholders.
Joint Tenancy refers to the ownership of an asset by two or more persons, each with an undivided interest in the asset and the right of survivorship, which results in the entire value passing to the surviving tenants upon the death of one tenant.
A joint venture is a commercial undertaking jointly entered by two or more entities, limited by time or activity, where each participant accounts for their own share of assets, liabilities, and cash flows.
A Joint-Stock Company allows members to pool their stock and trade collectively, differing from earlier merchant corporations where trading was done individually while adhering to company rules.
A journal is a book of prime entry used in accounting to record transfers from one account to another. These entries are not recorded in other primary entry books like the sales day book or the cash book.
A journal entry is the act of recording a transaction in an accounting journal, such as the general journal. It ensures that financial transactions are accurately captured and balanced, reflecting the debits and credits involved.
A journal entry is a detailed record of a business transaction in accounting, consisting of debits and credits and supporting a specific accounting period.
A journal voucher is a document that provides detailed information and justification for a financial transaction requiring a journal entry in the accounting records. It is an essential element of an organization's internal control system.
In accounting, to journalize means to record financial transactions in a journal, such as the general journal, as a part of the accounting process.
A journeyman is a skilled tradesperson who has completed a prescribed apprenticeship and has mastered specific skills in a particular craft.
A joystick is a computer input device that is particularly useful for playing computer games. It consists of a handle that can be pointed in various directions. The computer can sense the direction in which the joystick is pointed, allowing it to control the movements of objects displayed on the computer screen.
JPEG is a file format developed by the Joint Photographic Experts Group for storing bitmap images, known for its lossy compression capabilities and high-quality photographic image storage.
Judgment refers to the determination or decision of a court, or a monetary decision for property taken for public use. It also encompasses the use of understanding and intuition to resolve problems.
A judgment creditor is a creditor who has obtained a legal judgment against a debtor, allowing the creditor to enforce collection of the debt owed. This status grants the creditor certain priority rights over other creditors and can extend the enforceability of the claim under the statute of limitations.
A judgment debtor is an individual or entity against whom a court has rendered a monetary judgment, obliging them to pay a specified amount to another party known as the judgment creditor.
A judgment lien is a claim upon the property of a debtor resulting from a court judgment, granting the creditor a legal right to seek the debtor's assets as compensation for unpaid dues.
Judgment proof refers to individuals from whom a creditor cannot collect money, even if there is a court order stating that a debt is owed. This status typically applies to people who are insolvent or whose wages or assets are protected by state law.
A judgment sample is a determination by an auditor, based on personal experience and familiarity with the client, of the number of items, as well as the particular items, to be examined in a population. This function allows the accountant to maintain objectivity and thoroughness in testing the sampled items for accuracy.
Judgment sampling is a non-statistical method where an auditor selects a sample based on experience and assessment, rather than using statistical techniques. While practical, it doesn't allow inferences for the larger population.
Judicial Foreclosure, also known as Judicial Sale, is a court-supervised process where a defaulted debtor's property is sold, typically to repay a mortgage lender after a borrower fails to meet their payment obligations.
A certificate of deposit with a minimum denomination of $100,000, commonly utilized by large institutions. Jumbo CDs often offer higher interest rates compared to smaller-denomination CDs.
A Jumbo Mortgage is a loan for an amount exceeding the statutory limit placed on the size of loans that Freddie Mac and Fannie Mae can purchase. These loans must be maintained in the lender's portfolio or sold to private investors rather than Fannie or Freddie. Often associated with the purchase of luxury homes, jumbo mortgages differ from conforming loans.
A Junior ISA is a long-term savings or investment account set up for children under 18 in the United Kingdom. It is a tax-efficient way of saving for a child's future with certain conditions and annual contribution limits.
A junior issue refers to a type of debt or equity that is subordinate in claim to another issue, particularly in terms of dividends, interest, principal, or security in the event of liquidation.
A Junior Lien is a secondary claim on property collateral that will be paid after earlier liens, also known as senior liens, have been satisfied. This hierarchical structuring of claims often influences the risk and terms associated with secondary loans or mortgages.
A junior mortgage, also known as a second mortgage or subordinate mortgage, is a mortgage loan that is subordinate to another loan against the same property. In the event of default and foreclosure, the holder of the junior mortgage is only repaid after the senior mortgage and any other prior liens have been settled.
A junior partner is a partner in a firm who is limited as to both profits and management participation.
A security that has a lower priority claim on assets and income than a senior security.
A junk bond is a high-yield, high-risk security typically issued by companies seeking to raise capital quickly. These bonds offer higher interest rates to compensate for the increased risk of default.
Unsolicited fax messages often distributed by mass marketers, which can occupy the fax machine, use paper, and be confused with important messages.
Unsolicited mail often distributed by mass marketers, typically sent through third-class mail to reduce mailing costs. Junk mail can create waste, be confused with higher-priority mail, and is time-consuming to sort through.
Jurisdiction refers to the power, right, or authority to interpret and apply laws or decisions in specific legal matters, often determined by geography, type of legal issue, or specific court mandates.
Jurisprudence, often referred to as the science or philosophy of law, encompasses the study of the structure of legal systems, the principles underlying these systems, and the course of judicial decisions.
A jury is a group composed of peers of the parties or a cross-section of the community, summoned and sworn to decide on the facts in issue at a trial.
Just compensation refers to full indemnity for the loss or damage sustained by the owner of property taken under the power of eminent domain. The measure generally used is the fair market value of the property at the time of taking.
An approach to manufacturing designed to match production to demand by only supplying goods to order. This has the effect of reducing stocks of raw material and finished goods, encouraging those production activities that add value to the output, and minimizing levels of scrap and defective units.
Just-In-Time (JIT) inventory control is a methodology designed to improve efficiency by reducing in-process inventory and its associated costs. It involves close coordination with suppliers to align production schedules with sales levels and often integrates computerized systems for optimal inventory management.
The term 'justifiable' refers to actions or behaviors that are deemed defensible or acceptable under specific circumstances, whether in legal, ethical, or practical contexts. It applies to situations where facts or conditions provide a valid reason for actions that may otherwise be seen as unacceptable or unlawful.
Text alignment where both left and right edges are smooth. Achieved by varying the space between words (and sometimes between characters) to create lines of equal length.
Justified price refers to the fair market price that an informed buyer is willing to pay for an asset, whether it be in the form of stocks, bonds, commodities, or real estate.
Kaizen Costing is a technique for reducing and managing costs during the manufacturing process. It involves making continuous improvements to processes through small incremental changes, with the active contribution of all employees.
Kangaroo Bonds are bonds denominated in Australian dollars and issued in Australia by foreign firms, used to attract Australian investors while diversifying funding sources.
Kelo v. City of New London was a landmark case in United States Supreme Court history dealing with the authority of the government under the Takings Clause of the Fifth Amendment to seize private property for public use.
A US savings scheme designed to facilitate pension plans for self-employed individuals or employees of small, unincorporated businesses, with tax benefits deferred until withdrawals are made.
Key currencies are the major currencies in the global economy, frequently used in international trade and finance.
Employees in senior positions within an organization who have the authority to direct or control its major activities and resources, crucial for strategic decision-making and governance.
Specific measures of the performance of an individual, team, or department in defined key performance areas (KPAs).
Key Person Life and Health Insurance is a type of business insurance coverage designed to protect companies from the financial loss that can occur if a key employee becomes disabled or passes away.
Evaluation of management effectiveness across eight key areas as suggested by management theorist Peter Drucker.
A keyboard is the primary computer input device used to input alphanumeric data.
Keynesian Economics is a body of economic thought originated by the British economist John Maynard Keynes. Keynes asserted that government should manipulate the level of aggregate demand to address unemployment and inflation.
Keypunch is a type of data entry where holes are punched into 80-column computer cards in a coded format (Hollerith) that can be machine read by a computer. This method has been largely replaced by electronic keyboard technology.
A colloquial term for an illegal payment made to secure favorable treatment in the award of a contract.
A kicker is an added feature of a debt obligation, usually designed to enhance marketability by offering the prospect of equity participation. Common examples include convertible bonds, rights, and warrants. Kicker features may also be found in mortgage loans where ownership participation or a percentage of gross rental receipts is included. Kickers are also known as sweeteners.
Tax liability for children under age 14 on net unearned income (e.g., interest and dividend income) over $1,900 in 2010 (subject to indexing) is taxed at their custodial parents' highest marginal tax rate.
A killer bee is an investment banker who devises strategies to assist businesses in resisting predatory takeover bids by making the target company appear less attractive.
In a financial context, 'killing' refers to a significant reward or huge profit gained from an investment. It can also imply the act of stopping or halting a project or endeavor.
A kilobyte (KB) is a unit of digital information storage, commonly used to describe the size of files, memory capacity, and other data storage elements. One kilobyte equals 1,024 bytes in most contexts.
A kilobyte (KB) is a unit of digital information storage equal to 1,024 bytes, typically used to measure the size of small files or storage devices within computers and digital systems.
The Kindle is a portable reading device introduced by Amazon in 2007. It features an LCD screen resembling paper and isn't backlit. Users can wirelessly download books and periodicals, and the device can store an entire library, making it ideal for frequent travelers. It also allows users to search for specific text within a book.
An independent stand from which merchandise is sold, often placed in the common area of shopping centers.
Kiting, also known informally as 'kite-flying', refers to the practice of creating false or fraudulent checks to leverage the time delay in bank processing. This term is also known as the discounting of an accommodation bill at a bank, with the knowledge that the person on whom it is drawn will dishonor it.
Kiting is a fraudulent financial practice used to make the cash position of a company appear more favorable than it actually is by transferring funds between accounts just before the end of an accounting period.
Knee-jerk reactions are automatic, involuntary responses, often influenced by one's underlying beliefs or philosophies. The term originates from the involuntary leg contraction observed when a doctor's mallet taps the knee.
The Knights of Labor, originally a fraternal order for tailors, evolved into a significant national labor union in the United States during the late 19th century. Founded by Uriah Smith Stevens in 1869, the organization aimed to protect its members from employer abuse, advocate for labor reforms, and promote economic and social improvements. Though experiencing significant growth in the 1880s, the Knights of Labor eventually disbanded in 1893 amidst public backlash.
A knock-off is a low-priced imitation of a name-brand product, often created to mimic the design, style, and overall aesthetic of the original product but made with cheaper materials and sold at a fraction of the cost.
Industrial information and techniques that assist in manufacturing or processing goods or materials. Capital expenditure incurred in the acquisition of know-how may qualify for allowances against corporation tax.
An ethical and regulatory concept in the securities industry mandating that brokers must have reasonable grounds for believing that their recommendations are suitable for the customer’s financial situation and needs.
Knowledge management (KM) involves the creation, sharing, and utilization of organizational knowledge to enhance performance. Successful KM initiatives lead to improved employee involvement, creativity, intrapreneurship, and innovation.
Compensation predicated upon an employee's level of skill and educational attainment. Knowledge-based pay can serve as an incentive for employees to pursue additional training and education, thereby upgrading overall workforce skill levels.
The Kondratieff Cycle, also known as the Kondratieff Wave, is a theory proposed by Soviet economist Nikolai Kondratieff in the 1920s, which suggests that the economies of the Western capitalist world experience major up-and-down 'supercycles' lasting 50 to 60 years.
KPMG is one of the Big Four international professional services networks, providing audit, tax, and advisory services across over 150 countries.
