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Posts by Caroline Grimm

link to What is Tangible Property?

What is Tangible Property?

Tangible property refers to physical assets that can be touched and seen, such as land, buildings, machinery, vehicles, and equipment. In business and taxation, tangible property is an essential...

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link to Inventory Write-downs: Lower of Cost or Market Rule

Inventory Write-downs: Lower of Cost or Market Rule

The lower of cost or market (LCM) rule is an accounting principle used to value inventory for financial reporting purposes. Under the LCM rule, a company must value its inventory at either its cost...

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link to Inventory Write-downs: Lower of Cost or Net Realizable Value Rule (LCNRV)

Inventory Write-downs: Lower of Cost or Net Realizable Value Rule (LCNRV)

The lower of cost or net realizable value (LCNRV) rule is a common method used to value inventory for financial reporting purposes. It is used to determine the amount of inventory that must be...

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link to How to Report Income or Loss from Discontinued Operations

How to Report Income or Loss from Discontinued Operations

When a company decides to discontinue a segment of its business, it must account for the income or loss from that segment as a discontinued operation. Discontinued operations are reported separately...

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link to What is Comprehensive Income?

What is Comprehensive Income?

Comprehensive income is a concept in accounting that refers to the change in a company's equity during a period, resulting from transactions and events outside of the company's ordinary operations....

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link to What is the Capital Maintenance Concept?

What is the Capital Maintenance Concept?

The capital maintenance concept is an accounting principle that establishes how a company should determine and maintain its capital or equity. It is an essential concept in financial reporting as it...

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About the Author

Caroline Grimm is an accounting educator and a small business enthusiast. She holds Masters and Bachelor degrees in Business Administration. She is the author of 13 books and the creator of Accounting How To YouTube channel and blog. For more information visit: https://accountinghowto.com/about/

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