The net price method is an accounting method in which the net price of a purchase is recorded after any discounts. The net price method works as an alternative to the gross price method, which records ...

Explore the key differences between successful-efforts and full-cost accounting methods for oil and gas companies, including their impact on expenses and financial transparency.

The accounting for the costs of inventory depends on the cost flow method you chose. The four ones in common use are last in, first out (LIFO), first in, first out (FIFO), specific identification and ...

Discover how Dollar-Value LIFO works in inventory accounting, its advantages in inflationary times, and its impact on financial statements and tax savings.

Please note: This item is from our archives and was published in 2001. It is provided for historical reference. The content may be out of date and links may no longer function. The proposed SOP is ...

In a previous article in this column, we discussed the usual practice by revenue examiners of comparing the information reported by taxpayers in their books/tax returns with other reports of the same ...