A
A total expenditure incurred by a company to produce, store, and sell one unit of a particular product or service.
Unit Cost
The required process used to reflect when an inventory loses value and its market value drops below its book value.
Inventory write-down
Involves the acquisition of goods or services in exchange for a payment of some kind.
Purchase
A communication occurs when we engage in speaking with others.
Verbal
Method assigns a cost to inventory items based on the total cost of goods purchased or produced in a period divided by the total number of items purchased or produced
Average cost
A summary of banking and business activity that reconciles an entity’s bank account with its financial records.
Bank reconciliation
The value of goods still available for sale and held by a company at the end of an accounting period.
Ending inventory
Communicating via facial expressions, posture, eye contact, hand movements, and touch.
NON-VERBAL COMMUNICATION
The process matching your stock records with what you physically have in your store.
Inventory reconciliation
An inventory valuation that assumes the first items entered into your inventory are the first ones you sell.
FIFO
An inventory valuation that assumes the most recent items entered into your inventory will be the ones to sell first.
LIFO
Any written message that two or more people exchange.
Written communication
A check payment that is written by someone but has not been cashed or deposited by the payee.
Outstanding check
An actual count of the goods in stock. This can involve counting, weighing, and otherwise measuring items, as well as asking third parties for counts of inventory items that have been consigned to them.
Physical inventory
Am accounting stock valuation practice that's performed at specified intervals. Businesses physically count their products at the end of the period and use the information to balance their general ledger.
Periodic inventory
TO communicate using visual elements to communicate information or ideas.
VISUAL COMMUNICATION
A continuous accounting practice that records inventory changes in real-time, without the need for physical inventory, so the book inventory accurately shows the real stock.
Perpetual inventory
Deposits that were made after the bank statement was issued, but have been recorded on the books.
Deposits in transit
The book value of a company's inventory at the start of an accounting period.
Beginning inventory
Anything that comes in the way of receiving and understanding messages that one sends to another to convey his ideas, thoughts, or any other kind of information.
Communication barrier.