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Inventory Costing

When accounting for cost of goods sold, there are several means by which inventory pricing is determined. In maintaining and growing a company, inventory is often bought and sold at different prices instead of at a lump amount. At the end of an accounting period when purchased and sold items are calculated, there are several […]

Inventory Methods

Inventory refer to goods, either raw, in-process, or finished, that a business intends to sell. Considering that inventory goods represent one of a business’s strongest assets, inventory must be carefully recorded and maintained within a system of records. Otherwise, mismanaged inventories may expire or be lost. When creating this system of records, there are two […]

Control Accounts and Subsidiary Ledgers

A control account is a type of general ledger which provides a summary of the balances within a subsidiary ledger. This account simplifies the financial information contained in the general ledger, yet ensures that the information is accurate for financial statements. So, only the most vital or applicable information is presented, while the details are instead submitted to associated […]

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