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Identify the core assignment question or prompt, removing any meta-instructions, rubric details, repetition, due dates, and extraneous information. Focus solely on the actual task or question you are asked to address or respond to.

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Discuss the considerations a firm should evaluate when deciding to implement a Just-In-Time (JIT) inventory system. Include an analysis of the key accounting issues involved in the decision-making process, such as the impact on financial reporting, cost accounting, inventory valuation, supplier relationships, and internal controls. Additionally, explore how adopting JIT can influence other aspects of financial management and operational efficiency. Support your discussion with credible sources and provide real-world examples to illustrate the potential advantages and challenges of JIT implementation.

References

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  • Harrington, H. J. (1990). Business Process Improvement: The Breakthrough Strategy for Total Quality, Productivity, and Competitiveness. McGraw-Hill.
  • Brigham, E. F., & Ehrhardt, M. C. (2016). Financial Management: Theory & Practice. Cengage Learning.
  • Wild, J. J., & Subramanyam, K. R. (2014). Financial Statement Analysis. McGraw-Hill Education.
  • Kaplan, R. S., & Norton, D. P. (1992). The Balanced Scorecard—Measures that Drive Performance. Harvard Business Review.
  • Cooper, R., & Kaplan, R. S. (1988). Measure Costs Right: Making Management Accounting Responsive to Cost Management. Journal of Management Accounting Research.
  • Singh, M., & Singh, P. (2021). The Impact of JIT Inventory System on Financial Performance. International Journal of Operations & Production Management.
  • Womack, J. P., & Jones, D. T. (1996). Lean Thinking: Banish Waste and Create Wealth in Your Corporation. Simon & Schuster.
  • Harbert, R. (2010). Implementing JIT: Financial and Operational Considerations. Management Accounting Quarterly.
  • Slack, N., Chambers, S., & Johnston, R. (2010). Operations Management. Pearson Education.

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