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, ...

Last-in, first-out (LIFO) and first-in, first-out (FIFO) are two common inventory valuation methods used by companies in accounting. Inventory valuation is the process of assigning value to materials, ...

A lot depends on the nature of your business. In some cases accounting methods can actually be part of your business strategy; inventory accounting is one of those methods. Specific identification ...

The selection by an entity of its company structure, its fiscal year and its method of accounting are the three main mechanisms that a company can employ in performing substantial tax planning, ...

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 ...

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Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

USA TODAY markets reporter Matt Krantz answers a different reader question every weekday. To submit a question, e-mail Matt at [email protected]. Q: How does "LIFO" and "FIFO" affect how much tax ...

I know what you’re thinking. “Ugh. Yet another inventory accounting method I have to know.” But when I say “NIFO,” I’m not talking about Next In First Out. I’m talking about Nose In, Fingers Out.

In the glittering world of gold, some jewellers have reportedly been playing a clever game, not with the jewellery, but with the accounting books. ET had earlier reported that the Income Tax (I-T) ...