Inventory
Inventory is a goods a business holds for sale or use in production. It includes raw materials, work-in-progress, and finished goods. Inventory is a current asset on the balance sheet and directly affects cost of goods sold and cash flow. Proper tracking helps avoid stockouts or overstocking.
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Incurred Expense
An incurred expense is a cost that a business has become liable for, regardless of whether it has been paid…
Incremental Cost
Incremental cost refers to the additional expense incurred when producing one extra unit of output or undertaking a specific decision.…
Impairment Loss
Impairment loss occurs when an asset’s carrying value exceeds its recoverable amount. It represents a permanent reduction in the value…
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