Accounting

Next-In-First-Out Cost (NIFO) is a method used in accounting and finance to determine the cost of goods sold (COGS) and the value of ending inventory. It assumes that the next inventory items purchased or produced are the first to be sold or used. Understanding NIFO cost is important for businesses to accurately track inventory costs […]

NIFO cost, which stands for “Next In, First Out” cost, is a method used in accounting and finance to value inventory. It is based on the assumption that the most recently acquired or produced inventory items are the first to be sold or used. Understanding NIFO cost is important for businesses to accurately account for

Nominal accounts are a fundamental concept in accounting that are used to track revenues, expenses, gains, and losses within a business. They are temporary accounts that are closed at the end of each accounting period and their balances are transferred to permanent accounts. Understanding nominal accounts is essential for individuals learning about financial reporting and

The nominal ledger is a core component of the accounting system used by businesses to record and summarize financial transactions. It serves as a central repository for all nominal accounts, which are accounts that track revenues, expenses, gains, and losses. Understanding the nominal ledger is essential for maintaining accurate financial records, generating financial reports, and

Nominal value is a fundamental concept in accounting and finance that represents the face value or stated value of an asset, liability, or financial instrument. It serves as a reference point for recording transactions and determining the initial value of items on a company’s balance sheet. Understanding nominal value is crucial for accurately representing financial

Non-assented stock refers to shares of a company’s stock that have not received approval or consent from shareholders for certain corporate actions or transactions. These shares are typically excluded from voting on specific matters, such as mergers, acquisitions, or changes to the company’s charter. Understanding non-assented stock is crucial for shareholders, as it impacts their

Non-cumulative quantity discounts are price reductions given to buyers based on the quantity of a single purchase. Unlike cumulative discounts, which consider the total amount bought over a period, non-cumulative discounts apply to individual orders. This type of discount encourages buyers to purchase larger quantities in one go. Key Characteristics of Non-Cumulative Quantity Discounts How

Non-production overhead costs are a crucial concept in accounting and finance, representing expenses that are not directly tied to the manufacturing or production process but are essential for running a business. These costs encompass various administrative, selling, and distribution expenses that support the overall operations of a company. What Are Non-Production Overhead Costs? Non-production overhead

Non-statutory accounts are financial statements prepared by a company for internal purposes or to provide additional information to stakeholders beyond what is legally required. These accounts are not mandated by law or regulations but are created voluntarily by the company to better understand its financial performance and position. In this guide, we’ll explore what non-statutory

Normal Loss is a concept in accounting and production management that refers to the expected loss of materials or products during the manufacturing process. This guide will explain what Normal Loss is, how it is calculated, its significance in cost accounting, and provide examples to help learners understand its application in manufacturing operations. What is