​Supply Chain describes the flow of​ goods, services, and information from the purchase of materials to the delivery of products to​ consumers, regardless of whether those activities occur in the same organization or with other organizations.

​Inventoriable costs are costs of a product that are considered assets in a company's balance sheet when the costs are incurred and that are expensed as cost of goods sold only when the product is sold.

​If asked for operating income, you can remember to do the following formula: Revenue – (Beginning inventory of finished goods + Cost of goods manufactured – Ending Inventory of Finished Goods) – Operating Costs. 

​Employing a cost-benefit approach is used by management accountants to assist in strategic and operational decision​ making.

​The balance sheet of a manufacturing sector companies would report​ direct materials ​ inventory, work-in-process ​inventory, and finished goods inventory accounts.

Under "claim of right doctrine", any individual who finds property or cash for that matter, and has free and unrestricted use of the property or cash, has realized an increase in wealth. Therefore, it must be included (the found property) in the individual's gross income.

Income taxes are imposed at the Federal level, most of the US states, and some of the local levels of government. The Federal income tax base is considered to be taxable income. And to ensure the tax collection, their are "pay-as-you-go" methods (i.e. withholding or tax prepayments). Corporate taxable income does not require AGI, does not provide a standard deduction, and will allow business expense deductions. 

Formula for Federal Income Taxes on the Individuals: 

1. Income - Exclusions = Gross Income
2. Gross Income - Certain deductions = Adj. Gross Income
3. Adj. Gross Income - greater of personal/employee deductions (itemization) or standard deduction - Personal and dependency exemptions = Taxable Income
4. Tax on Taxable Income (Rate Schedule) - Tax Credits = Final Tax Bill Due

In relation to State Income Tax, some states decouple from some Congress enacted legislation. This means a state may not have to follow the legislation, given states potentially not being able to afford potential losses of legislation. And given the contingencies or close "tie-ins" between the Federal and State Governments, states can be notifited of changes made by the IRS. 

State Income Taxes are not in all states, as some do not impose it. Characteristics includes that states use the tax base as the income determination for Federal income tax purposes (either through a flat rate to Federal AGI or adjusted gross income or a rate to the income tax liability). Then accordingly, states require withholding procedures for collection. The above is referred as the piggyback, because they are incorporating and starting with federal taxation. 

Severance Taxes are taxes on natural resources that are extracted. And accordingly, they do become critical revenue streams for states that are high in natural resources, and often become a dependency for some.

General Sales Tax are State and Local jurisdiction taxes. For those states that do impose a sales tax, they will also charge a use tax (if purchased from other states). There are some states without the use of a sales tax. 

Excise taxes are imposed on all Federal, State, and Local levels. They are restricted to specific items (i.e. sin taxes like tobacco and alcohol). Examples of other excise taxes include hotel occupancy or rental car surcharge rates. And these taxes are levied on visitors who cannot vote. They are often used to fund special projects. 

Accounting Transactions includes Excise, General Sales, and Severance. 

American Institute of CPAs have provided suggestions that a tax system should be SNCSEN: 

• Simple;
• Neutral in effects of business;
• Clear (understandable);
• Structured to minimize "non-compliance";
• Enable IRS to predict the timing and amount of revenue; and 
• Not reduce the economic growth (and efficiency) - efficiency is in relation to the knowledge that is prevalent.

Major Types of Taxes:

• Property
• Employment
• Transaction
• Income
• Gift
• Death

Self Employment Tax can be subjected to sole proprietors (and even independent contractors). They are typically greater for those than employees. And there is a base in which the tax imposed on a self-employment income (as per the "up to a base amount"). 

Federal Unemployment Tax Act (FUTA) provides funds for unemployment benefits. It is administered by both the states and the Federal government. And the tax is paid by an employer.