704:
parts for $ 80 that he bought for $ 30, and has $ 70 worth of parts left. In 2009, he sells the remainder of the parts for $ 180. If he keeps track of inventory, his profit in 2008 is $ 50, and his profit in 2009 is $ 110, or $ 160 in total. If he deducted all the costs in 2008, he would have a loss of $ 20 in 2008 and a profit of $ 180 in 2009. The total is the same, but the timing is much different. Most countries' accounting and income tax rules (if the country has an income tax) require the use of inventories for all businesses that regularly sell goods they have made or bought.
852:
goods sold depends on her inventory method. Under specific identification, the cost of goods sold is 10 + 12, the particular costs of machines A and C. If she uses FIFO, her costs are 20 (10+10). If she uses average cost, her costs are 22 ( (10+10+12+12)/4 x 2). If she uses LIFO, her costs are 24 (12+12). Thus, her profit for accounting and tax purposes may be 20, 18, or 16, depending on her inventory method. After the sales, her inventory values are either 20, 22 or 24.
856:
hour to her costs. Thus, Jane has spent 20 to improve each machine (10/2 + 12 + (6 x 0.5) ). She sells machine D for 45. Her cost for that machine depends on her inventory method. If she used FIFO, the cost of machine D is 12 plus 20 she spent improving it, for a profit of 13. Remember, she used up the two 10 cost items already under FIFO. If she uses average cost, it is 11 plus 20, for a profit of 14. If she used LIFO, the cost would be 10 plus 20 for a profit of 15.
716:
not treated as part of inventory or cost of goods sold. For U.S. income tax purposes, some of these period costs must be capitalized as part of inventory. Costs of selling, packing, and shipping goods to customers are treated as operating expenses related to the sale. Both
International and U.S. accounting standards require that certain abnormal costs, such as those associated with idle capacity, must be treated as expenses rather than part of inventory.
51:
835:
costs for the type of goods. Under this system, the business may maintain costs under FIFO but track an offset in the form of a LIFO reserve. Such reserve (an asset or contra-asset) represents the difference in cost of inventory under the FIFO and LIFO assumptions. Such amount may be different for financial reporting and tax purposes in the United States.
855:
After year end, Jane decides she can make more money by improving machines B and D. She buys and uses 10 of parts and supplies, and it takes 6 hours at 2 per hour to make the improvements to each machine. Jane has overhead, including rent and electricity. She calculates that the overhead adds 0.5 per
851:
Jane owns a business that resells machines. At the start of 2009, she has no machines or parts on hand. She buys machines A and B for 10 each, and later buys machines C and D for 12 each. All the machines are the same, but they have serial numbers. Jane sells machines A and C for 20 each. Her cost of
834:
Last-In First-Out (LIFO) is the reverse of FIFO. Some systems permit determining the costs of goods at the time acquired or made, but assigning costs to goods sold under the assumption that the goods made or acquired last are sold first. Costs of specific goods acquired or made are added to a pool of
766:
Labor costs include direct labor and indirect labor. Direct labor costs are the wages paid to those employees who spend all their time working directly on the product being manufactured. Indirect labor costs are the wages paid to other factory employees involved in production. Costs of payroll taxes
758:
Most businesses make more than one of a particular item. Thus, costs are incurred for multiple items rather than a particular item sold. Determining how much of each of these components to allocate to particular goods requires either tracking the particular costs or making some allocations of costs.
1075:
Any property held by a business may decline in value or be damaged by unusual events, such as a fire. The loss of value where the goods are destroyed is accounted for as a loss, and the inventory is fully written off. Generally, such loss is recognized for both financial reporting and tax purposes.
859:
In year 3, Jane sells the last machine for 38 and quits the business. She recovers the last of her costs. Her total profits for the three years are the same under all inventory methods. Only the timing of income and the balance of inventory differ. Here is a comparison under FIFO, Average Cost, and
814:
In some cases, the cost of goods sold may be identified with the item sold. Ordinarily, however, the identity of goods is lost between the time of purchase or manufacture and the time of sale. Determining which goods have been sold, and the cost of those goods, requires either identifying the goods
648:
are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost. Costs include all costs of purchase, costs of conversion and other costs that are incurred in bringing the inventories to their present location and
715:
Additional costs may include freight paid to acquire the goods, customs duties, sales or use taxes not recoverable paid on materials used, and fees paid for acquisition. For financial reporting purposes such period costs as purchasing department, warehouse, and other operating expenses are usually
841:
Retail inventory method. Resellers of goods may use this method to simplify record keeping. The calculated cost of goods on hand at the end of a period is the ratio of cost of goods acquired to the retail value of the goods times the retail value of goods on hand. Cost of goods acquired includes
703:
Inventories have a significant effect on profits. A business that produces or buys goods to sell must keep track of inventories of goods under all accounting and income tax rules. An example illustrates why. Fred buys auto parts and resells them. In 2008, Fred buys $ 100 worth of parts. He sells
770:
Costs of materials include direct raw materials, as well as supplies and indirect materials. Where non-incidental amounts of supplies are maintained, the taxpayer must keep inventories of the supplies for income tax purposes, charging them to expense or cost of goods sold as used rather than as
657:
Many businesses sell goods that they have bought or produced. When the goods are bought or produced, the costs associated with such goods are capitalized as part of inventory (or stock) of goods. These costs are treated as an expense in the period the business recognizes income from sale of the
661:
Determining costs requires keeping records of goods or materials purchased and any discounts on such purchase. In addition, if the goods are modified, the business must determine the costs incurred in modifying the goods. Such modification costs include labor, supplies or additional material,
805:
or overhead cost per hour of labor may be added along with labor costs. Other methods may be used to associate overhead costs with particular goods produced. Overhead rates may be standard rates, in which case there may be variances, or may be adjusted for each set of goods produced.
680:
Cost of goods sold may be the same or different for accounting and tax purposes, depending on the rules of the particular jurisdiction. Certain expenses are included in COGS. Expenses that are included in COGS cannot be deducted again as a business expense. COGS expenses include:
815:
or using a convention to assume which goods were sold. This may be referred to as a cost flow assumption or inventory identification assumption or convention. The following methods are available in many jurisdictions for associating costs with goods sold and goods still on hand:
1054:
The value of goods held for sale by a business may decline due to a number of factors. The goods may prove to be defective or below normal quality standards (subnormal). The goods may become obsolete. The market value of the goods may simply decline due to economic factors.
819:
Specific identification. Under this method, particular items are identified, and costs are tracked with respect to each item. This may require considerable recordkeeping. This method cannot be used where the goods or items are indistinguishable or
1365:
649:
condition. Costs of goods made by the businesses include material, labor, and allocated overhead. The costs of those goods which are not yet sold are deferred as costs of inventory until the inventory is sold or written down in value.
668:
When multiple goods are bought or made, it may be necessary to identify which costs relate to which particular goods sold. This may be done using an identification convention, such as specific identification of the goods,
662:
supervision, quality control, and use of equipment. Principles for determining costs may be easily stated, but application in practice is often difficult due to a variety of considerations in the allocation of costs.
823:
Average cost. The average cost method relies on average unit cost to calculate cost of units sold and ending inventory. Several variations on the calculation may be used, including weighted average and moving
792:
Overhead costs are often allocated to sets of produced goods based on the ratio of labor hours or costs or the ratio of materials used for producing the set of goods. Overhead costs may be referred to as
729:
Cash discounts (a reduction in the invoice price that the seller provides if the dealer pays immediately or within a specified time) – may reduce COGS, or may be treated separately as gross income.
781:
Determining overhead costs often involves making assumptions about what costs should be associated with production activities and what costs should be associated with other activities. Traditional
827:
First-In First-Out (FIFO) assumes that the items purchased or produced first are sold first. Costs of inventory per unit or item are determined at the time produces or purchased. The oldest cost (
723:
Trade discounts (reduction in the price of goods that a manufacturer or wholesaler provides to a retailer) – includes a discount that is always allowed, regardless of the time of payment.
1072:, creating an inventory reserve) for declines due to obsolescence, etc. Current period net income as well as net inventory value at the end of the period is reduced for the decline in value.
774:
Materials and labor may be allocated based on past experience, or standard costs. Where materials or labor costs for a period fall short of or exceed the expected amount of standard costs, a
1108:
None of these views conform to U.S. Generally
Accepted Accounting Principles or International Accounting Standards, nor are any accepted for most income or other tax reporting purposes.
842:
beginning inventory as previously valued plus purchases. Cost of goods sold is then beginning inventory plus purchases less the calculated cost of goods on hand at the end of the period.
767:
and fringe benefits are generally included in labor costs, but may be treated as overhead costs. Labor costs may be allocated to an item or set of items based on timekeeping records.
665:
Cost of goods sold may also reflect adjustments. Among the potential adjustments are decline in value of the goods (i.e., lower market value than cost), obsolescence, damage, etc.
1569:
1296:
1362:
1597:
315:
1218:
838:
Dollar Value LIFO. Under this variation of LIFO, increases or decreases in the LIFO reserve are determined based on dollar values rather than quantities.
300:
736:
is generally not treated as part of cost of goods sold if it may be used as an input credit or is otherwise recoverable from the taxing authority.
1519:
1502:
1487:
1472:
1451:
305:
1566:
1292:
614:
465:
169:
66:
1268:
320:
310:
76:
1300:
372:
500:
377:
1531:
1545:
1306:
744:
The cost of goods produced in the business should include all costs of production. The key components of cost generally include:
325:
268:
712:
Cost of goods purchased for resale includes purchase price as well as all other costs of acquisitions, excluding any discounts.
1763:
1590:
1101:
409:
1681:
362:
1246:
778:
is recorded. Such variances are then allocated among cost of goods sold and remaining inventory at the end of the period.
1058:
Where the market value of goods has declined for whatever reasons, the business may choose to value its inventory at the
785:
methods attempt to make these assumptions based on past experience and management judgment as to factual relationships.
1098:
Lean accounting, in which most traditional costing methods are ignored in favor of measuring weekly "value streams".
1095:, under which only totally variable costs are included in cost of goods sold and inventory is treated as investment.
1583:
1552:
1084:
Alternatives to traditional cost accounting have been proposed by various management theorists. These include:
674:
607:
414:
1645:
1059:
248:
124:
540:
475:
50:
786:
199:
1630:
1104:, which discards most current accounting concepts in favor of proportional costing based on simulations.
1092:
1088:
525:
263:
129:
71:
1620:
1457:
1208:
1188:
1064:
575:
114:
1722:
1686:
1635:
1193:
600:
565:
560:
535:
530:
470:
399:
357:
339:
292:
273:
204:
109:
34:
1758:
1702:
670:
404:
194:
1717:
1650:
1515:
1498:
1483:
1468:
1447:
1175:
1148:
789:
attempts to allocate costs based on those factors that drive the business to incur the costs.
585:
580:
159:
134:
1671:
1157:
1140:
794:
367:
253:
1640:
1625:
1369:
1310:
1198:
782:
733:
455:
419:
209:
189:
174:
119:
104:
61:
719:
Discounts that must be deducted from the costs of purchased inventory are the following:
1773:
1768:
1655:
635:
460:
428:
139:
1303:
1752:
1676:
570:
433:
352:
347:
184:
673:(FIFO), or average cost. Alternative systems may be used in some countries, such as
1732:
1727:
1391:
1358:
1203:
1144:
1127:
831:, the first in) is then matched against revenue and assigned to cost of goods sold.
505:
244:
801:
for those costs incurred at the organization level. Where labor hours are used, a
1238:
1121:
391:
17:
1737:
1606:
1163:
1153:
726:
Manufacturer's rebates – based on the dealer's purchases during the year.
495:
179:
42:
685:
The cost of products or raw materials, including freight or shipping charges;
1213:
1167:
1131:
1117:
1555:
751:
Labor, including associated costs such as payroll taxes and benefits, and
677:(LIFO), gross profit method, retail method, or a combinations of these.
1707:
278:
258:
164:
763:, batches or production runs) of goods, then allocated to each item.
424:
99:
639:
447:
229:
94:
797:
or factory burden for those costs incurred at the plant level or
645:
234:
1579:
1478:
Kieso, Donald E; Weygandt, Jerry J.; and
Warfield, Terry D.:
759:
Parts and raw materials are often tracked to particular sets (
1575:
1076:
However, book and tax amounts may differ under some systems.
688:
The direct labor costs of workers who produce the products;
1331:
This includes manufacturing from parts or raw materials.
27:
Carrying value of goods sold during a particular period
1239:"Cost of Goods Sold (COGS) | Helpful Explainer Video"
1695:
1664:
1613:
754:Overhead of the business allocated to production.
1269:"Inventory Turnover Ratio: Trouble or Paradise?"
691:The cost of storing products the business sells;
1124:– (customer discounts, returns, and allowances)
1068:. This may be recorded by accruing an expense (
1591:
608:
8:
1495:Cost Accounting: Foundations and Evolutions
316:International Financial Reporting Standards
1598:
1584:
1576:
1390:ASC 330-10-30-1; IAS 2, paragraphs 12-14;
1219:List of business and finance abbreviations
615:
601:
29:
1295:(FASB) Accounting Standards Codification
862:
1466:Cost Accounting: A Managerial Emphasis
1430:ASC 330-10-35; IAS 2, paragraphs 28-33.
1229:
748:Parts, raw materials and supplies used,
41:
1349:ASC 330-10-30-1; IAS 2, paragraph 11.
306:Generally-accepted auditing standards
7:
1567:Financial Accounting Standards Board
1293:Financial Accounting Standards Board
1544:International Accounting Standards
1512:: "Fundamentals of Cost Accounting
321:International Standards on Auditing
1301:International Accounting Standards
740:Cost of goods made by the business
25:
1249:from the original on Aug 14, 2020
642:sold during a particular period.
378:Notes to the financial statements
326:Management Accounting Principles
49:
1102:Resource consumption accounting
1682:Statement of changes in equity
1:
301:Generally-accepted principles
1560:Tax Guide for Small Business
1267:Jenkins, Abby (2022-08-09).
1790:
1050:Write-downs and allowances
810:Identification conventions
694:Factory overhead expenses.
1446:chapter 23, 2013 edition
874:
867:
865:
699:Importance of inventories
170:Constant purchasing power
67:Constant purchasing power
1553:Internal Revenue Service
1528:Principles of Accounting
708:Cost of goods for resale
501:Accounting organizations
489:People and organizations
1646:Governmental accounting
1480:Intermediate Accounting
1060:lower of cost or market
249:Amortization (business)
1764:Accounting terminology
787:Activity based costing
1631:Management accounting
1493:Kinney, Michael R.:
1482:, Chapters 8 and 9.
1444:Income Tax in the USA
1093:Theory of Constraints
1089:Throughput accounting
1062:value, also known as
373:Management discussion
1621:Financial accounting
1458:Horngren, Charles T.
1421:IAS 2, paragraph 24.
1381:IAS 2, paragraph 11.
1322:IAS 2, paragraph 34.
1209:Income tax in the US
1189:Accounting standards
1065:net realizable value
340:Financial statements
293:Accounting standards
1723:Capital expenditure
1687:Cash flow statement
1636:Forensic accounting
1243:Finance Strategists
1194:Average cost method
566:Earnings management
536:Positive accounting
410:Double-entry system
400:Bank reconciliation
205:Revenue recognition
1713:Cost of goods sold
1703:Debits and credits
1454:, ASIN B00BCSNOGG.
1392:26 USC 263A(a)(2).
1368:2011-06-12 at the
1363:26 CFR 1.263A-3(c)
1309:2010-03-31 at the
1178:– taxes – interest
1172:cost of goods sold
1160:– taxes – interest
1149:operating expenses
1136:cost of goods sold
869:Cost of Goods Sold
671:first-in-first-out
628:Cost of goods sold
541:Sarbanes–Oxley Act
476:Sarbanes–Oxley Act
405:Debits and credits
240:Cost of goods sold
195:Matching principle
1746:
1745:
1718:Operating expense
1651:Social accounting
1520:978-0-0735-2711-6
1503:978-1-1119-7172-4
1488:978-0-4705-8723-2
1473:978-0-1329-6064-9
1452:978-0-9851-8233-5
1403:ASC 330-10-30-10.
1176:operating expense
1080:Alternative views
1047:
1046:
675:last-in-first-out
625:
624:
586:Two sets of books
581:Off-balance-sheet
223:Selected accounts
160:Accounting period
16:(Redirected from
1781:
1672:Income statement
1600:
1593:
1586:
1577:
1526:Walter, Larry:
1522:ASIN B005MR88U0.
1508:Lanen, William,
1490:ASIN B006PKWD8G.
1475:ASIN B00B6F3AWI.
1442:Fox, Stephen C,
1431:
1428:
1422:
1419:
1413:
1412:ASC 330-10-30-9.
1410:
1404:
1401:
1395:
1388:
1382:
1379:
1373:
1356:
1350:
1347:
1341:
1340:ASC 330-10-30-2.
1338:
1332:
1329:
1323:
1320:
1314:
1289:
1283:
1282:
1280:
1279:
1264:
1258:
1257:
1255:
1254:
1234:
1158:operating profit
1141:Operating profit
863:
795:factory overhead
617:
610:
603:
53:
30:
21:
1789:
1788:
1784:
1783:
1782:
1780:
1779:
1778:
1749:
1748:
1747:
1742:
1691:
1660:
1641:Fund accounting
1626:Cost accounting
1609:
1604:
1556:Publication 334
1541:
1539:Formal guidance
1439:
1437:Further reading
1434:
1429:
1425:
1420:
1416:
1411:
1407:
1402:
1398:
1389:
1385:
1380:
1376:
1370:Wayback Machine
1357:
1353:
1348:
1344:
1339:
1335:
1330:
1326:
1321:
1317:
1313:, paragraph 10.
1311:Wayback Machine
1297:ASC 330-10-30-1
1290:
1286:
1277:
1275:
1273:Oracle NetSuite
1266:
1265:
1261:
1252:
1250:
1237:Tamplin, True.
1236:
1235:
1231:
1227:
1199:Cost of revenue
1185:
1114:
1082:
1052:
849:
812:
783:cost accounting
742:
734:Value added tax
710:
701:
655:
621:
592:
591:
590:
555:
547:
546:
545:
520:
512:
511:
510:
490:
482:
481:
480:
450:
440:
439:
438:
394:
384:
383:
382:
342:
332:
331:
330:
295:
285:
284:
283:
224:
216:
215:
214:
210:Unit of account
190:Historical cost
175:Economic entity
154:
146:
145:
144:
89:
81:
62:Historical cost
28:
23:
22:
18:Production cost
15:
12:
11:
5:
1787:
1785:
1777:
1776:
1771:
1766:
1761:
1751:
1750:
1744:
1743:
1741:
1740:
1735:
1730:
1725:
1720:
1715:
1710:
1705:
1699:
1697:
1693:
1692:
1690:
1689:
1684:
1679:
1674:
1668:
1666:
1662:
1661:
1659:
1658:
1656:Tax accounting
1653:
1648:
1643:
1638:
1633:
1628:
1623:
1617:
1615:
1611:
1610:
1605:
1603:
1602:
1595:
1588:
1580:
1574:
1573:
1563:
1562:, pages 27–29.
1549:
1548:, Inventories.
1540:
1537:
1536:
1535:
1524:
1506:
1491:
1476:
1455:
1438:
1435:
1433:
1432:
1423:
1414:
1405:
1396:
1383:
1374:
1351:
1342:
1333:
1324:
1315:
1284:
1259:
1228:
1226:
1223:
1222:
1221:
1216:
1211:
1206:
1201:
1196:
1191:
1184:
1181:
1180:
1179:
1161:
1151:
1138:
1125:
1113:
1110:
1106:
1105:
1099:
1096:
1081:
1078:
1051:
1048:
1045:
1044:
1041:
1038:
1035:
1033:
1030:
1027:
1024:
1022:
1019:
1015:
1014:
1011:
1008:
1005:
1003:
1000:
997:
994:
992:
989:
985:
984:
981:
978:
975:
973:
970:
967:
964:
962:
959:
955:
954:
951:
948:
945:
943:
940:
937:
934:
932:
929:
925:
924:
919:
914:
909:
907:
902:
897:
892:
890:
885:
879:
878:
873:
871:
866:
848:
845:
844:
843:
839:
836:
832:
825:
821:
811:
808:
799:overall burden
756:
755:
752:
749:
741:
738:
731:
730:
727:
724:
709:
706:
700:
697:
696:
695:
692:
689:
686:
654:
651:
636:carrying value
623:
622:
620:
619:
612:
605:
597:
594:
593:
589:
588:
583:
578:
573:
568:
563:
557:
556:
553:
552:
549:
548:
544:
543:
538:
533:
528:
522:
521:
518:
517:
514:
513:
509:
508:
503:
498:
492:
491:
488:
487:
484:
483:
479:
478:
473:
468:
463:
458:
452:
451:
446:
445:
442:
441:
437:
436:
431:
429:General ledger
422:
417:
412:
407:
402:
396:
395:
390:
389:
386:
385:
381:
380:
375:
370:
365:
360:
355:
350:
344:
343:
338:
337:
334:
333:
329:
328:
323:
318:
313:
308:
303:
297:
296:
291:
290:
287:
286:
282:
281:
276:
271:
266:
261:
256:
251:
242:
237:
232:
226:
225:
222:
221:
218:
217:
213:
212:
207:
202:
197:
192:
187:
182:
177:
172:
167:
162:
156:
155:
152:
151:
148:
147:
143:
142:
137:
132:
127:
122:
117:
112:
107:
102:
97:
91:
90:
87:
86:
83:
82:
80:
79:
74:
69:
64:
58:
55:
54:
46:
45:
39:
38:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
1786:
1775:
1772:
1770:
1767:
1765:
1762:
1760:
1757:
1756:
1754:
1739:
1736:
1734:
1731:
1729:
1726:
1724:
1721:
1719:
1716:
1714:
1711:
1709:
1706:
1704:
1701:
1700:
1698:
1694:
1688:
1685:
1683:
1680:
1678:
1677:Balance sheet
1675:
1673:
1670:
1669:
1667:
1663:
1657:
1654:
1652:
1649:
1647:
1644:
1642:
1639:
1637:
1634:
1632:
1629:
1627:
1624:
1622:
1619:
1618:
1616:
1612:
1608:
1601:
1596:
1594:
1589:
1587:
1582:
1581:
1578:
1571:
1568:
1564:
1561:
1557:
1554:
1550:
1547:
1543:
1542:
1538:
1533:
1530:, Chapter 8,
1529:
1525:
1523:
1521:
1517:
1511:
1507:
1504:
1500:
1496:
1492:
1489:
1485:
1481:
1477:
1474:
1470:
1467:
1463:
1459:
1456:
1453:
1449:
1445:
1441:
1440:
1436:
1427:
1424:
1418:
1415:
1409:
1406:
1400:
1397:
1393:
1387:
1384:
1378:
1375:
1371:
1367:
1364:
1360:
1355:
1352:
1346:
1343:
1337:
1334:
1328:
1325:
1319:
1316:
1312:
1308:
1305:
1302:
1298:
1294:
1288:
1285:
1274:
1270:
1263:
1260:
1248:
1244:
1240:
1233:
1230:
1224:
1220:
1217:
1215:
1212:
1210:
1207:
1205:
1202:
1200:
1197:
1195:
1192:
1190:
1187:
1186:
1182:
1177:
1173:
1169:
1165:
1162:
1159:
1155:
1152:
1150:
1146:
1142:
1139:
1137:
1133:
1129:
1126:
1123:
1119:
1116:
1115:
1111:
1109:
1103:
1100:
1097:
1094:
1090:
1087:
1086:
1085:
1079:
1077:
1073:
1071:
1067:
1066:
1061:
1056:
1049:
1042:
1039:
1036:
1034:
1031:
1028:
1025:
1023:
1020:
1017:
1016:
1012:
1009:
1006:
1004:
1001:
998:
995:
993:
990:
987:
986:
982:
979:
976:
974:
971:
968:
965:
963:
960:
957:
956:
952:
949:
946:
944:
941:
938:
935:
933:
930:
927:
926:
923:
920:
918:
915:
913:
910:
908:
906:
903:
901:
898:
896:
893:
891:
889:
886:
884:
881:
880:
877:
872:
870:
864:
861:
857:
853:
846:
840:
837:
833:
830:
826:
822:
818:
817:
816:
809:
807:
804:
800:
796:
790:
788:
784:
779:
777:
772:
768:
764:
762:
753:
750:
747:
746:
745:
739:
737:
735:
728:
725:
722:
721:
720:
717:
713:
707:
705:
698:
693:
690:
687:
684:
683:
682:
678:
676:
672:
666:
663:
659:
652:
650:
647:
643:
641:
637:
633:
629:
618:
613:
611:
606:
604:
599:
598:
596:
595:
587:
584:
582:
579:
577:
574:
572:
571:Error account
569:
567:
564:
562:
559:
558:
551:
550:
542:
539:
537:
534:
532:
529:
527:
524:
523:
516:
515:
507:
504:
502:
499:
497:
494:
493:
486:
485:
477:
474:
472:
469:
467:
464:
462:
459:
457:
454:
453:
449:
444:
443:
435:
434:Trial balance
432:
430:
426:
423:
421:
418:
416:
415:FIFO and LIFO
413:
411:
408:
406:
403:
401:
398:
397:
393:
388:
387:
379:
376:
374:
371:
369:
366:
364:
361:
359:
356:
354:
353:Balance sheet
351:
349:
348:Annual report
346:
345:
341:
336:
335:
327:
324:
322:
319:
317:
314:
312:
309:
307:
304:
302:
299:
298:
294:
289:
288:
280:
277:
275:
272:
270:
267:
265:
262:
260:
257:
255:
252:
250:
246:
243:
241:
238:
236:
233:
231:
228:
227:
220:
219:
211:
208:
206:
203:
201:
198:
196:
193:
191:
188:
186:
185:Going concern
183:
181:
178:
176:
173:
171:
168:
166:
163:
161:
158:
157:
150:
149:
141:
138:
136:
133:
131:
128:
126:
123:
121:
118:
116:
113:
111:
108:
106:
103:
101:
98:
96:
93:
92:
85:
84:
78:
75:
73:
70:
68:
65:
63:
60:
59:
57:
56:
52:
48:
47:
44:
40:
36:
32:
31:
19:
1733:Gross income
1728:Depreciation
1712:
1559:
1527:
1513:
1509:
1494:
1479:
1465:
1461:
1443:
1426:
1417:
1408:
1399:
1386:
1377:
1354:
1345:
1336:
1327:
1318:
1287:
1276:. Retrieved
1272:
1262:
1251:. Retrieved
1242:
1232:
1204:Gross margin
1171:
1145:gross profit
1135:
1128:Gross profit
1107:
1091:, under the
1083:
1074:
1069:
1063:
1057:
1053:
921:
916:
911:
904:
899:
894:
887:
882:
875:
868:
858:
854:
850:
828:
813:
802:
798:
791:
780:
775:
773:
769:
765:
760:
757:
743:
732:
718:
714:
711:
702:
679:
667:
664:
660:
656:
644:
631:
627:
626:
506:Luca Pacioli
427: /
247: /
245:Depreciation
239:
153:Key concepts
125:Governmental
1359:26 USC 263A
1122:gross sales
1112:Other terms
803:burden rate
771:purchased.
519:Development
496:Accountants
392:Bookkeeping
311:Convergence
269:Liabilities
200:Materiality
88:Major types
1753:Categories
1738:Net income
1665:Statements
1607:Accounting
1278:2023-07-07
1253:2020-05-16
1225:References
1164:Net profit
1154:Net profit
554:Misconduct
180:Fair value
130:Management
72:Management
43:Accounting
1759:Inventory
1532:Inventory
1214:Inventory
1168:net sales
1132:net sales
1118:Net sales
820:fungible.
634:) is the
576:Hollywood
456:Financial
358:Cash-flow
115:Financial
1366:Archived
1307:Archived
1247:Archived
1183:See also
1147:– total
824:average.
776:variance
653:Overview
561:Creative
531:Research
461:Internal
448:Auditing
264:Goodwill
259:Expenses
110:Forensic
35:a series
33:Part of
1708:Revenue
1570:ASC 330
847:Example
658:goods.
526:History
420:Journal
279:Revenue
165:Accrual
1518:
1510:et al.
1501:
1486:
1471:
1462:et al.
1450:
876:Profit
860:LIFO:
471:Report
425:Ledger
368:Income
363:Equity
274:Profit
254:Equity
230:Assets
135:Social
100:Budget
1774:Sales
1769:Costs
1696:Terms
1565:U.S.
1551:U.S.
1546:IAS 2
1304:IAS 2
1291:U.S.
1018:Total
888:Sales
646:Costs
640:goods
466:Firms
95:Audit
1614:Type
1516:ISBN
1499:ISBN
1484:ISBN
1469:ISBN
1448:ISBN
1070:i.e.
922:LIFO
917:Avg.
912:FIFO
905:LIFO
900:Avg.
895:FIFO
883:Year
829:i.e.
761:e.g.
632:COGS
235:Cash
120:Fund
105:Cost
1514:.
1497:.
1043:39
1021:123
983:15
953:16
638:of
140:Tax
77:Tax
1755::
1558:,
1464::
1460:,
1361:,
1299:;
1271:.
1245:.
1241:.
1174:–
1170:–
1166:=
1156:=
1143:=
1134:–
1130:=
1120:=
1040:39
1037:39
1032:84
1029:84
1026:84
1013:8
1002:30
999:31
996:32
991:38
980:14
977:13
972:30
969:31
966:32
961:45
950:18
947:20
942:24
939:22
936:20
931:40
37:on
1599:e
1592:t
1585:v
1572:.
1534:.
1505:.
1394:.
1372:.
1281:.
1256:.
1010:7
1007:6
988:3
958:2
928:1
630:(
616:e
609:t
602:v
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.