FIFO
FIFO- FIFO (First In, First Out) is an inventory management and accounting principle. It is widely used in various industries, including manufacturing, retail, and food production. Here's a breakdown of…
Purpose of Inventory Valuation
Purpose of Inventory Valuation- Inventory valuation is a crucial accounting process that involves determining the value of a company’s inventory at a given point in time. The purpose of inventory…
Depreciation
Depreciation- Depreciation is the process of allocating the cost of a tangible asset over its useful life. It reflects the wear and tear, decay, or obsolescence of the asset as…
Closing stock
Closing stock- Closing stock refers to the value of goods or inventory that a business has on hand at the end of a specific accounting period, such as a fiscal…
Cash book
Cash book- A cash book is a financial journal that records all cash transactions of a business entity in a systematic and chronological order. It is a fundamental accounting tool…
Accounts
Accounts- Hotel accounts typically refer to financial records and transactions related to the operations of a hotel. These accounts are crucial for managing the financial aspects of the hotel business.…