If the IRS believes that collection of tax appears to be in jeopardy (danger of being uncollected), it may immediately assess and collect such tax. The intermediate steps are bypassed.
Job order
A customer order for a specific number of specially designed, made-to-order products.
Joint return
A return filed by married taxpayers or surviving spouses.
Joint venture
When two or more persons or organizations gather capital to provide a product or service. Often carried out as a partnership.
Journal
Any book containing original entries of daily financial transactions.
Journal entry
A notation in the general journal. It records a single transaction.
Junk bonds
Debt securities issued by companies with higher than normal credit risk. Considered “non-investment grade” bonds, these securities ordinarily yield a higher rate of interest to compensate for the additional risk.
Just-in-time
An overall operating philosophy of inventory management in which all resources, including materials, personnel, and facilities, are used only as needed.
