It provides the basic data that will determine if and where you can successfully sell your product or service and how much to charge. Cost-volume-profit (CVP) analysis is the tool that managers can use to better understand the answers to “what-if” questions in order to make better decisions for their companies. In over 40 years […]
It is these documents that reflect the overall financial position of a company. Such information is used internally and externally to measure the success of a business and ensure that all dealings meet governing body regulations. An accounting ledger is part of the bookkeeping http://www.free-lancers.net/users/prodataconsult/ system where a business records all its financial transactions. A […]
COGS is calculated using the most recent costs, while the ending inventory is valued using the oldest costs. LIFO is often used to minimize taxable income in periods of rising prices, as it assigns higher COGS, resulting in lower reported profits and tax liabilities. It’s worth inventory accounting noting that inventory bookkeeping practices may vary […]