Generally Accepted Accounting Principles (GAAP) recognize three different types of inventory: raw materials, work-in-process and finished goods. Not every type of business carries all three types of ...

Direct materials are the supplies you use to manufacture your inventory: wood for cabinets, steel for girders or wool for coats. Accountants distinguish direct materials from indirect materials, which ...

Businesses that struggle with inaccurate inventory data, large year-end adjustments of physical inventory results, or a lengthy annual physical inventory process should consider adopting a cycle ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Goods or merchandise on hand at any time is called as stock, inventory or stock in trade. The valued of goods at the beginning of the period is called as opening inventory and value of goods remind ...

Learning how to manage inventory efficiently is critical to any business that sells physical goods. From timely ordering of supplies to tracking and storage, any mistakes can directly impact your ...

Editor’s note: The coronavirus pandemic has made inventory testing a huge challenge for auditors, particularly for client entities with a March 31 fiscal year end. Audit firms are requiring staff to ...