REALIZATION PRINCIPLE Definition

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REALIZATION PRINCIPLE is that revenue should be recognized at the time goods is sold and services are rendered.

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COST REDUCTION is actions taken in the present designed to decrease costs in the present. See COST AVOIDANCE.

JUST-IN-TIME (JIT) is a management philosophy that strives to eliminate sources of manufacturing waste and cost by producing the right part in the right place at the right time.

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