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Groups remain a powerful intervention tool
Expense Recognition Principle
This principle dictates that expenses should be recognized in the accounting period when they are incurred, not necessarily when they are paid, matching expenses to the revenues they help generate.
Physical Flow Assumption
An accounting method that tracks the physical movement of goods in inventory, often used to calculate cost of goods sold or ending inventory.
Specific Identification
Specific Identification is an inventory valuation method that tracks the actual cost of each specific item in inventory.
LIFO
LIFO, or Last-In, First-Out, is an inventory accounting method where the most recently produced or acquired items are the first to be used or sold.
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