Ideally, your inventory purchases less your sales should equal your remaining inventory when you conduct a physical count. Few small-business owners find that this equation holds true in the real ...

The Generally Accepted Accounting Principles, also known as GAAP, consist of a standard group of guidelines for financial accounting. Auditors follow GAAP when analyzing a company's accounting records ...

Discover the importance of LIFO Reserve in accounting, including its calculation, comparison with FIFO, and impact on taxes.

Generally accepted accounting principles (GAAP) require that all inventory reserves be stated and valued using either the cost or the market value method, whichever is lower. However, accountants who ...