Financial Accounting 5 min read
The Necessity of Adopting a Cost Flow Assumption
Question: In the coverage of financial accounting to this point, general standardization has been evident. Most transactions are recorded in an…
THE LATEST THINKING
Every story.
Browse our articles in publication order, with new stories added automatically.
Financial Accounting 4 min read
Determining Inventory on Hand
Question: In a periodic inventory system, a physical count is always taken at or very near the end of the fiscal…
Financial Accounting 5 min read
Reporting Inventory at the Lower-of-Cost-or-Market
Question: In the example of Rider Inc., Model XY-7 bicycles have been bought and sold and one unit remains in stock…
Basics 4 min read
Chemical Process Equipment
Operations to chemically change the nature of materials have often been the source of major catastrophes, causing severe plant damage…
Financial Accounting 4 min read
Cost of Goods Sold – COGS
What Is Cost of Goods Sold – COGS? Cost of goods sold (COGS) refers to the direct costs of producing…
Financial Accounting 4 min read
Perpetual and Periodic Inventory Systems
Question: In an earlier chapter, differences between a perpetual inventory system and a periodic inventory system were discussed briefly. A perpetual…
Basics 4 min read
Heat Utilization Equipment
Heat utilization equipment in commerce and industry includes ovens, furnaces, kilns, dehydrators, dryers and quench tanks. In the NFPA’s Industrial…
Financial Accounting 6 min read
Determining and Reporting the Cost of Inventory
Learning Objectives At the end of this section, students should be able to meet the following objectives: 1. Understand that inventory…
Basics 7 min read
FIRE PREVENTION MEASURES
History tells us that fires were useful for heating and cooking but caused major damage in many cities. Many houses,…
Financial Accounting 4 min read
A Company’s Vital Signs—Accounts Receivable
Question: Many individuals analyze financial statements to make logical and appropriate decisions about a company’s financial health and well being. This…
Basics 2 min read
Plastics and rubber
Plastics are macromolecular organic compounds produced synthetically or by modification of natural materials. The structure and shape of these macromolecular…
