For example, in 2018, a number of sugar companies changed to LIFO as sugar prices rose at a rapid pace. After this, the price of the next most recent lot is charged to the job, department, or process. Let’s say on January 1st of the new year, Lee wants…

You might wonder how secure your financial data how to calculate sales tax on almost anything you buy is on a cloud-based system. Cloud accounting providers use encryption, rewriting your information into a secured, unbreakable code, to send and store your data. Cloud solutions use the same type of…

Essentially, any information that may be useful to management falls under this umbrella. At larger companies, there might be sizable finance departments guided by a unified accounting manual with dozens of employees. Expense accounts, on the other hand, represent the resources used to generate income. For example, the current…

The ancient accounting systems, while foundationally strong, did not provide a solution for the modern structures of corporations. He was the first to describe the concept of debits and credits in journals and ledgers. His work in the field of accounting earned him the title of “Father of accounting.”…