QuickBooks is designed to be a simple accounting and bookkeeping software suite. In the spirit of simplicity, it limits decisions that are within the Generally Accepted Accounting Principles.

Your company has three inventory costing methods from which to choose. The choice is important because it influences your cost of goods sold, net income and income tax payable. Whichever method you ...

Discover the key differences in inventory accounting between GAAP and IFRS, including valuation methods, write-down reversals, and costing formulas.

Jeff is a writer, founder, and small business expert that focuses on educating founders on the ins and outs of running their business. From answering your legal questions to providing the right ...

Discover how absorption costing is used in GAAP for external reporting. Learn its components and why it's essential for understanding manufacturing costs.

Plastics processors are fortunate to have several options for managing and calculating costs. In part one of this series, we discussed the benefits of a production profit contribution model. This ...

To determine the value of ending inventory and, ultimately, margins, many retailers have stuck with an accounting practice known as the retail inventory method — in some cases for more than 100 years ...