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inventory accounting

   Also found in: Financial 0.06 sec.
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Noun1.inventory accounting - accounting that controls and evaluates inventory
accountancy, accounting - the occupation of maintaining and auditing records and preparing financial reports for a business
FIFO, first in first out - inventory accounting in which the oldest items (those first acquired) are assumed to be the first sold
last in first out, LIFO - inventory accounting in which the most recently acquired items are assumed to be the first sold
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On behalf of Tax Executives Institute (TEI), I am writing to urge that the Last-In, First-Out (LIFO) inventory accounting method be retained as part of the Internal Revenue Code.
TEI urges retention of the LIFO inventory method by Tax Executive
93 TC 500 (1989), which held that a taxpayer could not change its consistently used inventory accounting method without the IRS's consent, even though the method used was "flawed.
Adherence to utility regulations is an accounting method by Sair, Edward A. / The Tax Adviser
Again, SOP 98-5 is not intended to override an entity's inventory accounting policy.
Resolved: start-up costs are not assets by Noll, Daniel / Journal of Accountancy
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