Unearned revenue is also known as deferred revenue or deferred income.
The LIFO method is an acronym used in accounting and many computational concepts for Last-In, First-Out.
The periodic inventory system is an inventory managing method, which determines the inventory count at the end of a period.
LIFO reserve is a bookkeeping technique that tracks the difference between the LIFO and FIFO cost of inventory.
A credit sale is a type of transaction where the buyer delays payment to a later date.
Perpetual Inventory System is an inventory management method which employs a computerized-based point-of-sale technological system to record real-time transactions of stocks.
Mastering Microsoft Excel is a tall order.
Finished goods are any products that have gone through the production cycle and are ready to be distributed or sold by a company.
The percentage of completion method evaluates work-in-progress that’s applied to long-term projects, in which expenses and revenues are recorded as a percentage of the completed work during that period.
Don’t assume that in accounting, everything is straightforward, settled, and everyone uses the same systems.