Industry Related Definitions
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J
Jointly Owned Property
Property
held in the name of more than one person.
Joint Return
A return
combining the income, exemptions, credits, and deductions of a husband
and wife.
Joint Tenancy
A form of
joint ownership. Each tenant has an undivided interest in the entire
property. On death of one of the owners, the survivor becomes the
owner of the whole. A joint tenancy may involve more than two persons.
Joint Venture
An
enterprise participated in by associates acting together, with a
community of interests, each associate having the right to participate
in its management. For income tax purposes, a joint venture is treated
as a partnership, not taxable in its own capacity, but regarded as a
taxpayer for the purpose of computing its taxable income, which is
distributable among the associates in the proportions agreed upon.
Such distributive shares are reported by the associates on their
individual income tax returns.
Journal
A
book of original entry in which all financial transactions are
initially recorded. All journal entries are subsequently posted to
individual accounts in the ledger.
Journal
Entry
An
item in or prepared for a book of original entry, interpreting a
business transaction in bookkeeping terms and showing the accounts to
be debited and credited, together with an explanatory description of
the transaction.
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