QuickBooks is designed to be a simple accounting and bookkeeping software suite. In the spirit of simplicity, it limits decisions that are within the Generally Accepted Accounting Principles.

Discover the key differences in inventory accounting between GAAP and IFRS, including valuation methods, write-down reversals ...

Discover how absorption costing is used in GAAP for external reporting. Learn its components and why it's essential for ...

Understanding the cost of your inventory isn’t just about keeping numbers straight; it’s about gaining insights that drive profitability, improve operational efficiency and enhance decision-making.

Jeff is a writer, founder, and small business expert that focuses on educating founders on the ins and outs of running their business. From answering your legal questions to providing the right ...

The proper management of inventory is critical for any size business. The way a company values its inventory can be the difference between a profit and loss. In fact, inventory valuation affects a ...

Wondering about FIFO vs LIFO? Learn about the two inventory valuation methods and which one is best for you. Many, or all, of the products featured on this page are from our advertising partners who ...

To determine the value of ending inventory and, ultimately, margins, many retailers have stuck with an accounting practice known as the retail inventory method — in some cases for more than 100 years ...