In economics, the J-Curve illustrates the expected turnaround in an activity, such as foreign trade, where the initial deterioration is followed by a significant improvement.
A jack is a connector into which a plug can be inserted, facilitating the connection and transmission of electrical signals, data, or power between different devices.
An object-oriented programming language created by Sun Microsystems, Java is a device-independent language which means that programs compiled in Java can be run on any computer..
Jawboning is a persuasive technique where high-ranking officials attempt to influence or pressure others to behave in a desired manner by virtue of their position and authority.
A Jewel Case is a rigid, clear plastic case that protects compact discs (CDs) or DVDs. It typically includes a paper insert for the face of the case, which is 120 mm (4.7 inches) square.
Just-In-Time (JIT) techniques are inventory management strategies designed to increase efficiency and reduce waste through the timely knowledge and handling of materials.
An identifiable, discrete piece of work carried out by an organization. For costing purposes, a job is usually given a job number.
Job analysis is the process of organizational analysis of a job to determine the responsibilities inherent in the position as well as the qualifications needed to fulfill its responsibilities. It is essential when recruiting to locate an individual having the requisite capabilities and education.
A job bank is a data repository that contains job listings categorized by various criteria, typically hosted on a computer. It is commonly used by employment agencies and large organizations to enhance job-seeking and hiring processes.
A job card, also known as a job ticket, is a document that contains written instructions detailing the operations needed to complete a specific job. These instructions can take various formats, including physical cards or digital printouts.
Job classification is a method of categorizing jobs into ranks or classes for the purposes of work comparison and wage comparability. It helps organizations systematically ensure equitable and competitive employee compensation.
A job cost sheet is a detailed record of the budgeted or actual costs of materials and labor required to produce a specific product. It plays a critical role in job costing systems used primarily in manufacturing.
Job costing involves tracking the expenses linked to specific projects or jobs which are typically broken down into direct materials costs, direct labour costs, and overheads.
Job costing, also known as job order costing or specific order costing, is a costing methodology used to accurately assess the costs associated with individual jobs within an organization—essential for businesses that produce a diverse range of products or services.
Job depth, also known as job enrichment, refers to the ability and power an employee has to influence their work environment. It pertains to the amount of discretion an employee has in a job, often varying by the level of specialization and seniority.
A detailed analysis and documentation of all the duties, responsibilities, conditions, and parameters required for the execution of a specific job.
Job enrichment involves motivating employees through expanding job responsibilities and giving increased control over the total production process. This empowerment often includes training, support, and enhanced input into procedures.
A systematic method of determining the relative worth of jobs in an organization. Job evaluation is important when an organization seeks to establish relative pay levels for job classifications based upon an equitable ranking of job importance and responsibilities.
Expenses incurred while looking for a new job in the same line of work, whether or not a new job is found. These miscellaneous itemized deductions for tax purposes are subject to the 2% Adjusted Gross Income (AGI) floor. Expenses of search for one's first job after completing school are not deductible.
A job jumper, also known as a job hopper, is an individual who frequently changes jobs. This behavior can be perceived as detrimental to one's career as it may indicate an inability either to commit to an organization or maintain long-term employment.
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.
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 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.
