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Inventory management refers to the systematic organization of inventory over time. The systematic organization of inventory over time allows companies to manage their inventory more effectively. Companies that manage their…

Inflation refers to rising prices for goods and services. Rising prices for goods and services can also be viewed as a weakening in the value of the currency. Inflation can…

Ledger accounts are where companies record their transactions and financial data. Companies’ transactions and financial data are recorded in ledger accounts in accordance with accounting standards. Accounting standards stipulate various…

A non-current asset is an asset that cannot be readily exchanged for another asset. An asset cannot be readily exchanged for another asset when it is a large physical object….

A post-closing trial balance is created at the end of a reporting period. It is a list of all the balance sheet accounts that do not have a zero balance….

Financial leverage refers to the debt that a company or individual takes on to finance investments. The importance of financial leverage relates to the benefits that may be gained by…

Accrued expense refers to expenses that have been contracted, but that has not yet been paid. Expenses that have been contracted, but that have not yet been paid derive from…

Financial planning is formulating a plan for your financial future. Specifically, financial planning decides how finances are to be managed. The planning includes preparing for possible costs and issues that…

When most people think about an accountant, they think of someone who adds up piles of receipts or does tax returns all day long. But there are many types of…

Manufacturing costs are all the costs that turn raw materials and parts into final products. These include every cost that goes into the production process, such as direct materials, manufacturing…