Accounting Terminology

JIT (Just-In-Time) Inventory: An inventory system that allows for the elimination of inventory stockpiles and inefficiency and waste; raw materials arrive "just in time" for production and finished goods "just in time" for sale.

Journal(s): The chronological, day-to-day transactions of a business are recorded in sales, cash receipts, and cash disbursements journals. A general journal is used to enter period end adjusting and closing entries and other special transactions not entered in the other journal.

Journal Entry: A recording of a transaction where debits equal credits; usually includes a date and an explanation of the transaction.

Journal Proper: A term used to describe the main or general journal where other journals specific to subsidiary ledgers are also used.