COOKING THE BOOKS Definition

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COOKING THE BOOKS is when a company fraudulently misrepresents the financial condition of a company by providing false or misleading information.

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FIFO (first-in, first-out) is an inventory cost flow whereby the first goods purchased are assumed to be the first goods sold so that the ending inventory consists of the most recently purchased goods.

PACKING LIST is a statement of the contents of a container, usually put into the container so that the quantity of merchandise may be counted by the person who opens the container. Also known as a packing slip.

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