Accounting Articles

Writing Off Stock

In regards to GAAP, once you have identified inventory that you cannot sell, you must write this inventory off as an expense. Assuming no receipt of payment for the inventory, you will debit a cost of goods sold account and credit. Read more

Wpc Quantitative Precipitation Forecasts

Forecasters perform research that uses empirical results to gauge the effectiveness of certain forecasting models. However research has shown that there is little difference between the accuracy of the forecasts of experts knowledgeable in the confli... Read more

What Is The Net Sales Formula?

All three of the deductions are considered contra accounts, which means that they have a natural debit balance ; they are designed to offset the sales account. But they’re not the only sales metrics you should analyze and monitor regularly. You... Read more