SPECIFIC IDENTIFICATON INVENTORY VALUATION Definition

Bookmark and Share

SPECIFIC IDENTIFICATON INVENTORY VALUATION is a method of valuing and tracking inventory where each item can be identified. Specific identification is most often used for large, easily traceable items, such as furniture or vehicles. If tracking each individual inventory item is not practical, the inventory can be valued using other accepted methods, such as the first-in, first-out method (FIFO) or the last-in, first-out method (LIFO).

Learn new Accounting Terms

CURRENCY MEASUREMENT is part of determining the "functional currency" that mainly influences sales prices for goods / services. It will often be the currency in which denominated and settled: a. of country whose competitive forces and regulations mainly determine sales prices for goods / services; b. that mainly influences labor, material and other costs of providing goods / services; or, as stated, c. will often be the currency in which transactions are denominated and settled.

GOODWILL / INTANGIBLES is the total value of all intangible assets, e.g. goodwill, patents, copyrights, etc.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.