My biggest concern is the proposal to eliminate the LIFO method for inventory accounting.
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Some states mandate tedious inventory and accounting rules for probate, while others allow the beneficiaries to simply sign off on the executor's proposed distribution.
In 1985 I became VP of Sales for a start-up called Applied Control Systems (ACS) that made PC based inventory and accounting software for restaurants.
The Internet began to even things out a bit, and the payment landscape became less about being able to integrate the hardware and more about online access to the right software for functions like inventory and accounting.
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Their inventory management and accounting practices remain rudimentary.
Many of them are running accounting or inventory management systems that are a decade old.
It's possible that by restating earnings down far enough for the past few years, Bristol could avoid accounting for inventory work-down in 2003.
In the early 1990s, manufacturers began to see the value of single enterprise-wide resource planning solutions that integrated manufacturing, logistics, distribution, inventory, shipping and accounting.
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Filipowski started with a small outfit that produced software for IBM mainframes, then went on to found an accounting and inventory-data software company called Platinum Technology.
These include things like HR, inventory management and general ledger accounting.
The pattern began in the 1950s, when hugely expensive mainframe computers were first used to save correspondingly huge sums in information-intensive functions in the financial-services industry, then in accounting, payroll and inventory-control tasks in other big organisations.
And other software vendors created applications for accounting, order entry, inventory management, communications and customer relationship management.
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Without going into all the accounting intricacies, LIFO understates inventory value, overstates the cost of sales, and therefore lowers reported earnings.
In December foreclosure inventory increased 9% nationally versus the year before, with Florida accounting for the most new distressed property.
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It assumes that the last inventory in is the first used, sold or distributed an accounting method often used by commodity-type industries.
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In terms of accounting policies, firms using the last-in, first-out (LIFO) inventory cost valuation are more closely matching costs and prices in an inflationary environment.
Those who had accounting classes will recall that there are several widely accepted ways to value a company's inventory.
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