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What is COGS in Accounting and How to Calculate It?

Snyder

” COGS is also an accounting term under U.S. Generally Accepted Accounting Principles (GAAP) that requires businesses to apply certain inventory costing principles. COGS is included in business expenses on the income statement. Cost of goods sold is sometimes called “ cost of sales.”

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FAQs Business Owners Need to Know About The 3 Essential Financial Reports

inDinero Accounting

If a business owner doesn’t understand an accounting term , we don’t use another accounting term to explain it. We specialize in accountants who speak business to business owners and CEOs. Sometimes there’s just no avoiding accounting speak. GAAP is short for generally accepted accounting principles.