Tag - FIFO

65 Accounting Terms and Definitions

The following 65 Accounting Terms and Definitions are meant to supplement the previous two posts on basic accounting principles: 40 Basic Accounting Principles and Costs of Goods Sold - Additional Principles. Current and future business owners will want to read those posts and understand them thoroughly in order to move on this month with future accounting posts that are related to bookkeeping and tax savings. This post is mostly for reference and it's a great one to bookmark for [...]

Costs of Goods Sold – Additional Accounting Principles that Businesses With Inventory must know

If you own (or plan to own) a service business that does not sell any products or goods, then the previous blog post is sufficient for your business: 40 Basic Accounting Principles that you must know to understand Small Business Accounting. However, if your business sells products or goods and you're one of many businesses with inventory, then you need to know some additional information on costs of goods sold (COGS).Since the article on the three business financials has [...]