inventory accounting

WordNet-Online
Free dictionary and thesaurus of English. Definitions, synonyms, antonyms and more...
Hint: double-click any word to get it searched!

Definitions from WordNet

Noun inventory accounting has 1 sense

inventory accounting - accounting that controls and evaluates inventory
--₁ is a kind of accountancy, accounting
--₁ has particulars: first in first out, FIFO; last in first out, LIFO

Definitions from the Web

Inventory Accounting

Description:

Inventory accounting refers to the process of tracking, valuing, and reporting on a company's inventory. It involves keeping a record of the quantity, cost, and value of goods held by a business, as well as accounting for any changes in inventory levels due to purchases, production, or sales.

Sample Sentences:

Effective inventory accounting is crucial for businesses to maintain accurate financial records.
Proper inventory accounting helps companies determine the cost of goods sold and calculate profit margins.
Many businesses use different inventory accounting methods, such as average cost, first-in, first-out (FIFO), or last-in, first-out (LIFO), depending on their specific needs.
Inventory accounting software can streamline the inventory management process and provide real-time insights into stock levels.

Related Products:

Explore relevant products on Amazon:

inventorial inventorially inventoried inventories inventors inventory-clearance sale inventory inventory inventory accounting inventory control inventory item inventory management inventorying invents inventum inverd inverdently

Sponsored (shop thru our affiliate link to help maintain this site):

Check latest bestsellers | New Arrivals in Electronics