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...
Posts by Caroline Grimm
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...
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...
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...
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....
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...
