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- Jan 20, 2012
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Hi All
No formal accounting training and just about enough reading to make sure we do our own taxes correctly. We have a small business which carries an inventory and a (theoretical) question came up about accounting for inventory for tax purposes. I say theoretical because we use the accrual method and do the usual practice of beginning and ending inventory with purchases and 'withdrawals' to figure a COGS.
If interested, the thread [Inventories; cash or accrual basis] is here at
https://www.accountantforums.com/inventories-cash-accrual-basis-t142017.html
See you around maybe.
No formal accounting training and just about enough reading to make sure we do our own taxes correctly. We have a small business which carries an inventory and a (theoretical) question came up about accounting for inventory for tax purposes. I say theoretical because we use the accrual method and do the usual practice of beginning and ending inventory with purchases and 'withdrawals' to figure a COGS.
If interested, the thread [Inventories; cash or accrual basis] is here at
https://www.accountantforums.com/inventories-cash-accrual-basis-t142017.html
See you around maybe.
