Category Archives: Bookkeeping

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For example, let’s say Company ABC within the United States buys digital devices from its supplier in China and signs a FOB shipping point settlement. Firm ABC assumes full accountability if the designated carrier damages the package deal during delivery and may’t ask the provider to rei...
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LIFO and FIFO Examples: How These Inventory Methods Work

With first in, first out (FIFO), you sell the oldest inventory first—and with LIFO, you sell the newest inventory first. Therefore, if you have an international business that operates outside of the U.S, you should stick to FIFO instead. How FIFO and LIFO impact your financial statements Once the ...
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