Managers have many choices when it comes to accounting for inventory. Regardless of whether your small business uses a periodic or perpetual system, you must establish a method to determine the cost ...

If your small business manufactures goods for sale or purchases goods for resale, you need to elect a method of accounting for inventory. In a resale business, all goods purchased for resale are ...

Taxpayers that fail the gross receipts test are not eligible for the new rules governing inventory accounting. The $25 million threshold will be indexed annually for inflation; the 2025 amount is $31 ...

Learn how administrative accounting supports decision-making and operational control with roles like payroll management and budgeting. Discover key differences from financial accounting.

Accurate inventory accounting is vital, especially in the globalized world of low-cost competition. Five critical inventory accounting control lapses threaten a company’s long-term survival.

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.

The American Institute of CPAs’ Financial Reporting Executive Committee has posted an early working draft of guidance on inventory valuation guidance, with a goal of eventually publishing a broader ...