Accountants can use any one of three methods for calculating inventory value and cost to keep a business in compliance with accepted accounting standards. Each method can present different problems ...

Two common ways for companies to account for inventory are first-in/first-out, or FIFO, and last-in/last-out, or LIFO. In FIFO, the first units that arrive in the business are the first sold. In LIFO, ...

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

Home Depot, Inc. announced a key change in accounting principals in its third quarter filing with the SEC. After adopting a new enterprise resource planning system, otherwise known in the ...

Discover why IFRS prohibits LIFO accounting, including issues like distorted financials, outdated inventory values, and ...

For many companies, inventory represents a large, if not the largest, portion of their assets. As a result, inventory is a critical component of the balance sheet. Inventory can be valued using a few ...

Learn how accounting spreadsheets work with real examples of journals plus when to switch to accounting software.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

Business.com aims to help business owners make informed decisions to support and grow their companies. We research and recommend products and services suitable for various business types, investing ...

Restaurant accounting has specific needs and features. Here's a look at restaurant accounting methods and expenses, how tips factor in, and more.