What is the definition of inventory in financial accounting?

Inventory is defined as tangible personal property held for sale in the ordinary course of business, in the process of production for such sale, or to be used currently in the production of items for sale.

The aspects to know about inventory includes ownership of goods, cost, cost flow assumptions and valuation.

Ownership of goods is the determination of which items are to be included in inventory taking into account items such as shipping term and consignments.

Cost is the determination of which costs are to be assigned to inventory such as freight and overhead.

Cost flow assumptions is the determination of costs assigned to cost of goods sold and inventory under various cost of flow methods such as LIFO.

Valuation is the determination of how and when inventories should reflect their market values using rules such as LCM

Your Dream Car is Just a Tap Away!

Recently, a leading car classified Carmudi has rolled out its global app for Android devices in the Philippines.

Carmudi, the world’s fastest growing online car classified, is all set to change the experience of shopping for car enthusiasts in the Philippines. The online car classifieds has officially launched its mobile application which will allow users to browse thousands of cars on the go. Hosting over 20,000 vehicles online, Carmudi’s app will give users an excellent experience of buying cars while on the move, thus allowing them the same sense of ease and comfort out and about as they would experience in front of their PCs at home.

Besides the app is available to Android users in 20 countries across Asia, Africa, the Middle East and Latin America. For the convenience of customers, Carmudi has made the app available in 9 different languages.

The app features the same usability and filter functions as its computer counterpart Customers can filter searches by any means that they wish, from brand to model and year to price. Users can also share listings on various social platforms to gain opinions from friends and family if they are unsure. In addition, the Carmudi app allows for favoriting of listings so that they get instant notifications on their favorite rides.

Stefan Haubold, Co-Founder and Global Managing Director of Carmudi, commented, “We want to bring the massive choice of cars to the fingertips of our users. This is a huge milestone for Carmudi. The app will allow millions of users across the globe to find their dream car in just a single tap. We already have over one million users visiting our website every month. Carmudi is changing the way consumers search and shop for cars. With mobile phones accounting for more than a third of the internet usage in the emerging world, Carmudi’s app will further strengthen its dominance there.”

The current market behavior and mobile internet usage of the Philippines is perfect timing for Carmudi’s app. Mobile penetration is at 111% – that means that the country has 11 million more phones than people. The Philippines is also the fastest growing smartphone market in Southeast Asia, with Android-powered phones having more than 90% market share. officially launched its app on July 23 at Big Bad Wolf in Burgos Circle. Test drives with the newest models of the MINI Cooper rides were made available to its attendees and as a finale, gave away one entire weekend with a MINI Cooper to two lucky contestants!

So if you are looking for that perfect ride, make sure that you download the Carmudi app on the Google play store. The app will allow users to search for the vehicles they want by brand, model and price. If this is not enough, further filters such as age, mileage and even color are available to make sure that customers are able to find exactly what they want. More features will be added to the app shortly.

The business platform operates under a high level of transparency through professional photos, updated listings, detailed descriptions, reports and rankings for 100% of its vehicles in each market. At the same time, vehicle dealers get a trusted online presence through a personalized webpage. The Carmudi platform helps sellers manage their inventory in a fast, easy and stress-free way.

Lastly, was founded in 2013 and is currently available in Bangladesh, Cameroon, Ghana, Indonesia, Ivory Coast, Mexico, Myanmar, Nigeria, Pakistan, Philippines, Qatar, Saudi Arabia, Senegal, United Arab Emirates, Vietnam, Sri Lanka. The vehicle marketplace offers buyers, sellers and car dealers the ideal platform to find cars, motorcycles and commercial vehicles online.

Division of Labor in General

In general, a division of labor is needed among personnel in a certain profit or non-profit organization in doing work activities  to be able to increase efficiency, productivity and just.

The very reason is that no person can do specific work activities at the same time.

However, some work activities requires a multi-tasking people for a certain job in a department of an organization. Let say, in accounting department a personnel can perform multi-tasking activities related to accounting, taxation, audit or finance.

Persons who do multi-tasking job in an organization has a greater possibility of omissions and errors compared those people who do specific task.

A large company is advise to have a division of labor of personnel for a specific work activities in every department. (Ex. Accounting & Finance, Marketing & Sales, Administration and Others).

For me, there is always exception to the general rule as long as there is no deprivation of human rights of the people involved.

Cali Double Burger at CaliBurger

Just visited the CaliBurger in Century Mall somewhere in Makati to taste the freshness of their Cali Double Burger which consist of large burger, large potato fries and unlimited refill of ice tea (or any soda).

The ambiance is a great place for meetings with friends with free wifi and outlets for gadgets needed in doing online activities.

For me, I have just experienced a tasty and delicious burger and potato fries in the city.

Lifestyle & Other Topics in General.