With any kind of business, we have two kinds of inventory that matter to the accounting process: the beginning inventory, or opening inventory, and the ending inventory, or closing inventory.

How to Determine the Inventory for Accounting. Generally Accepted Accounting Principles (GAAP) recognize three different types of inventory: raw materials, work-in-process and finished goods. Not ...

Learn what inventory accounting is, how it works, and key methods like FIFO, LIFO, and WAC. Includes real-world examples, tips, and best practices.

Learn how International Financial Reporting Standards (IFRS) create global accounting consistency, enabling transparent and ...

Limited guidance from the IRS and accounting standard-setting bodies has led to a divergence in interpretation and practice for inventory valuation within the scope of business combinations.

Inventory management is the practice of planning, directing and controlling inventory so that it contributes to the business' profitability.

While accounting software lays down the current financial standing of the company, inventory management software helps maintain the inventory health and track all shipments and orders accurately ...

Inventory write-offs that are "substantial and unusual," should be broken out as a separate charge or disclosed in a footnote, says Doug Reynolds, a fellow with the Financial Accounting Standards ...

Capital equipment records are verified at least once every two years to ensure that the inventory records within the asset management system are accurate. Capital equipment inventory verification ...

Cost accounting provides companies with more flexibility than general accounting methods, but this comes with added complexity and a higher cost.

Is it possible to write a safe accounting (or inventory management, etc) system that would work with an eventually consistent (and distributed) data store, like say, CouchDB? Do you just have to ...

This change not only impacted TWI’s inventory and cost of sales in 2017, it also caused the company to go back and restate its results from the prior two years, which increased cost of sales by ...