Inventory errors affect your company's bottom line by painting an inaccurate picture of its financial performance and net worth. When mistakes are made in counting inventory, you don't get an accurate ...

Revaluation of inventory influences the balance sheet and income statement of a business of any size, including small businesses. If you need to revalue because of destroyed or missing goods, this ...

Each department with an inventory is required to take a physical count at least once a year to ensure an accurate asset value is reported on the balance sheet and that cost of goods sold is recorded ...

Inventory should be recorded at the lesser of your original cost or current market value. Here’s the crucial part that trips ...

Learn the critical differences between revenue and income, their impact on financial health, and how understanding each can ...

Learn what inventory accounting is, how it works, and key methods like FIFO, LIFO, and WAC. Includes real-world examples, tips, and best practices. I like to think of inventory accounting like ...

What Is An Income Statement? An income statement lists a company’s income, expenses, and resulting profits over a specific time frame, usually a quarter or fiscal year. Companies create income ...

As a business owner monitoring the financial health of your business is an essential task. You need to understand the financial position of your company and how you can improve it. The income ...

You don’t need to be a CPA to understand your company’s financial health. You just need to know where to look. That starts with the income statement—also known as the profit and loss (P&L) ...

An income statement is a financial document that details the revenue and expenses of a company. Some investors and analysts use income statements to make investing decisions. The income statement, ...