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LIFO Inventory Method: Understanding Last-In, First-Out

Last-in First-out (LIFO) is an inventoryInventoryInventory is a current asset account found on the balance sheet, consisting of all raw materials, work-in-progress, and finished goods that a valu
Just-in-Time (JIT) Inventory Management: A Comprehensive Guide

The Just in Time (JIT) style of inventory management – also sometimes referred to as the Toyota Production System (TPS) – is a strategy of managing inventoryInventoryInventory is a current
Understanding Journal Entries in Accounting: A Comprehensive Guide

In an accounting careerAccountingPublic accounting firms consist of accountants whose job is serving business, individuals, governments & nonprofit by preparing financial statements, taxes, journa
Job Order Costing: A Comprehensive Guide for Businesses

In managerial accounting, there are two general types of costing systems to assign costs to products or services that the company provides: “job order costing” and “process costing&r
IRC Section 382: Understanding Tax Loss Carryforwards After Ownership Changes

The IRC 382 lays down the guidelines for the amount of taxable income that can be offset by historical losses, known as a Tax Loss Carry FowardNOL Tax Loss CarryforwardA Net Operating Loss (NOL) or Ta
Inventory Write-Downs: Understanding & Accounting for Value Reduction

An inventory write down is an accounting process used to record the reduction of an inventory’s value and is required when the inventory’s market value drops below its book value on the ba
Inventory Valuation: A Comprehensive Guide for Businesses

Inventory valuation refers to the practice of accounting for the value of a business’ inventoryInventoryInventory is a current asset account found on the balance sheet, consisting of all ra
Inventory Shrinkage: Causes, Impact & Reconciliation

Inventory shrinkage occurs when the number of products in stock are fewer than those recorded on the inventory list. The discrepancy may occur due to clerical errors, goods being damaged or lost, or t
Understanding Inventory: Definition & Importance in Financial Statements

Inventory is a current asset account found on the balance sheet,Balance SheetThe balance sheet is one of the three fundamental financial statements. The financial statements are key to both financial
Understanding Inventoriable Costs: Definition & Examples

Inventoriable costs, also known as product costs, refer to the direct costs associated with the manufacturing of products and in getting them ready for sale. Often, inventoriable costs include direct
Understanding Intersegment Sales: Definition & Reporting

Intersegment sales refer to revenue generated by means of a transaction between segments within the same business. It is generally the case with large conglomerates that engage in several lines of bus
Internal vs. External Financial Reporting: Key Differences Explained

Internal vs external financial reporting have several key differences that you should be aware of. Internal financial reporting is a business practice that involves compiling financial information on
IRC 382: Understanding Limitations on Net Operating Loss (NOL) Utilization

Under the Internal Revenue Code 382 (IRC 382), a C corporation is required to have a limit to offset historic losses. Essentially, a loss corporation is a firm that can use tax attributes like, for in
Internal Controls: Definition, Types & Importance for Financial Reporting

Internal controls are policies and procedures put in place by management to ensure that, among other things, the company’s financial statementsThree Financial StatementsThe three financial state
Interest Payable: Definition, Calculation & Importance

Interest Payable is a liability account, shown on a company’s balance sheet,Balance SheetThe balance sheet is one of the three fundamental financial statements. The financial statements are key
Understanding Interest Expense: A Key Financial Metric

Interest expense is one of the core expenses found in the income statementIncome StatementThe Income Statement is one of a companys core financial statements that shows their profit and loss over a pe
Understanding Intangible Assets: Definition & Importance

According to the IFRS, intangible assets are identifiable, non-monetary assets without physical substance. Like all assets, intangible assets are expected to generate economic returns for the company
Understanding Insurance Expense: Definition & Accounting

Insurance expense is the amount that a company pays to get an insurance contract and any additional premium payments. The payment made by the company is listed as an expense for the accounting period.
Understanding Installment Sales: A Comprehensive Guide

An installment sale is a financing arrangement in which the seller allows the buyer to make payments over an extended period of time. In an installment sale, the buyer receives the goods at the beginn
Understanding Inside vs. Outside Basis in Partnership Taxation

The analysis of Inside Basis vs Outside Basis affects the taxation of a partnershipReal Estate Joint VentureA Real Estate Joint Venture (JV) plays a crucial role in the development and financing of mo

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Accounting

Accounting