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  2. Specific identification (inventories) - Wikipedia

    en.wikipedia.org/wiki/Specific_identification...

    It requires a detailed physical count so that the company knows exactly how many of each good bought on specific dates comprise the year-end inventory. When this information is found, the amount of goods is multiplied by their purchase cost at their purchase date to get a number for the ending inventory cost.

  3. Inventory valuation - Wikipedia

    en.wikipedia.org/wiki/Inventory_valuation

    Periodic: In the periodic inventory system, sales are recorded as they occur but the inventory is not updated. A physical inventory must be taken at the end of the year to determine the cost of goods; Regardless of what inventory accounting system is used, it is good practice to perform a physical inventory at least once a year.

  4. 4–4–5 calendar - Wikipedia

    en.wikipedia.org/wiki/4–4–5_calendar

    A variation is the 52–53-week calendar. It is used by companies that want their fiscal year to always end on the same day of the week. Any day of the week may be used, and Saturday and Sunday are common because the business may more easily be closed for counting inventory and other end-of-year accounting activities.

  5. Year-end financial checklist: Your guide to reviewing and ...

    www.aol.com/finance/financial-planning-checklist...

    2. Evaluate your investments and take your RMDs. The end of the year is an ideal time to review your investment strategy to make sure your portfolio is still on the right track to meet your goals.

  6. Stock-taking - Wikipedia

    en.wikipedia.org/wiki/Stock-taking

    While they are often used interchangeably, stock and inventory are two different things. Stock is the products sold by a business. Inventory includes all items required to make, store or sell your stock. [1] Stock-taking may be performed as an intensive annual, end of fiscal year, procedure or may be done continuously by means of a cycle count. [2]

  7. Net realizable value - Wikipedia

    en.wikipedia.org/wiki/Net_realizable_value

    In this year's income statement, since the cost of the good ($25) is less than its NRV ($70), the cost of the good will get recorded as the cost of inventory. In next year's income statement after the good was sold, this company will record a revenue of $100, cost of goods sold of $25, and cost of completion and disposal of $ 20 + $ 10 = $ 30 ...

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