Dictionary of...Accounting Terms
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J. Ott, Capital
- This is an owner's equity account. The balance in this account reflects the owner's investment in this sole proprietorship plus the net income and minus the owner's draws since the company began. (The current year net income and draws may not yet be recorded in this account. The net income may still be in the temporary revenue and expense accounts and the draws may still be in J. Ott, Drawing, also a temporary account. The temporary accounts will be closed to J. Ott, Capital after the year's financial statements are prepared.)
J. Ott, Drawing
- This is a contra owner's equity account, because it has a debit balance if draws were made. Even though it is a balance sheet accout, it is a temporary account. At the end of each year the account's debit balance is closed to J. Ott, Capital.
JIT
- Just-in-time.
job order cost sheet
- This is a record on an individual job (product, batch) within the job costing system. For items in process this is a subsidiary record to the general ledger account work-in-process inventory.
job order costing
- See job order system.
job order system
- The cost accounting system where costs are recorded by individual job (versus process costing system). The job order system can use standard costs or actual costs.
- A common cost. Often used to refer to the costs prior to the point where several products emerge.
- The products with significant value that emerge at a split-off point in a process. When a joint product has little value it is referred to as a by-product.
- The record of journal entries appearing in order by date. Some refer to the journal as the book of original entry, since the entries are first recorded in a journal. From the journal the entries will be posted to the designated accounts in the general ledger. With manual systems there are likely to be a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and the general journal. With computerized accounting systems, it is likely that the general journal will be used sparingly. The software is likely to record the other transactions automatically as invoices are entered, checks are prepared, receipts processed, etc.
- The entry made in a journal. It will contain the date, the account name and amount to be debited, and the account name and amount to be credited. Each journal entry must have the dollars of debits equal to the dollars of credits.
- To record accounting entries into a journal.
- An effort to have materials delivered by suppliers just as the materials are needed, thereby eliminating the need for the buyer to store inventories of component parts. Obviously, the buyer is relying on the dependability of the supplier.
joint cost
joint product
journal
journal entry
journalize
just-in-time
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