inventory accounting


Also found in: Dictionary, Financial.
Related to inventory accounting: Inventory management
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  • noun

Words related to inventory accounting

accounting that controls and evaluates inventory

References in periodicals archive ?
43 is the primary level-A GAAP source for inventory accounting.
For inventory that has been paid for by the taxpayer, inventory accounting is customary (i.
Significant developments in LIFO inventory accounting rules and case law, as well as deductions allowable in the post-INDOPCO world, were also covered.
La Crosse elected to use the dollar-value, double-extension, LIFO inventory accounting method.
After purchasing substantially all the assets of another corporation (including inventory), LaCrosse adopted the double-extension, dollar-value LIFO inventory accounting method and the method Of earliest acquisitions during the year for valuing goods in closing inventory in excess of those in opening inventory, under Regs.
Section 482 pricing cases and tax inventory accounting cases are two examples of when this occurs.
471(b), it also provided that certain taxpayers should be allowed to change their inventory accounting method to one using shrinkage estimates.
The TRA '97 provides that a taxpayer will not be deemed to use an inventory accounting method that does not clearly reflect income solely because the taxpayer accrues for inventory shrinkage.
On examination of Kohler's 1984 consolidated return, the IRS determined that Sterling's method of inventory accounting failed to clearly reflect income.