Financial Accounting for Managers Radio Frequency Identification, RFID Radio Frequency Identification, or RFID, is a technology that has been around for over 50 years. However, the most exciting advancements have been made during the last three decades. Since the implementation of RFID technology into the US highway toll systems, for example the EZ-Pass, and now Wal-Mart�s attempts to integrate it into its corporation, the possibilities with RFID technology appear to be endless. While the idea behind RFID technology could lead to infinite realistic usages its affects on the accounting world could be ground-breaking. Not only is RFID technology a perfect fit for creating more efficient just-in-time inventory systems, it could also eliminate the need for cost flow assumptions such as, LIFO, FIFO, and average cost. Overall, RFID technology could vastly increase efficiency, which in the end will decrease cost and increase profit. In order to understand how RFID technology relates to accounting it is important to appreciate what it consists of and how it functions. A simple R......

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