Net worth refers to the total value of an individual's assets, including cash, investments, real estate, and any other possessions, minus any debts or liabilities that they owe. It is essentially a...
Archives: Blog
When it comes to running a business, every penny counts. One way to save money on your taxes is through the section 179 depreciation deduction. This deduction allows businesses to deduct the full...
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...
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...