QuickBooks is designed to be a simple accounting and bookkeeping software suite. In the spirit of simplicity, it limits decisions that are within the Generally Accepted Accounting Principles.

Inventory methodology is used to measure the value of assets as well as determine the cost of goods sold during a year. The choice is important, and it may be tempting to use different methods for ...

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 ...

Discover the importance of LIFO Reserve in accounting, including its calculation, comparison with FIFO, and impact on taxes. Learn how it improves financial analysis.

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 ...

Discover how HIFO inventory accounting contrasts with LIFO and FIFO methods, and why it impacts COGS and taxable income, despite not being recognized by GAAP.

Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public ...

Many retailers have used the LIFO (last in, first out) accounting method to manage their inventory reporting. The methods assumes that the last unit to arrive in inventory (the most recent) is sold ...

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.