LIFO Definition

Bookmark and Share

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

Learn new Accounting Terms

CUSTODY is possession.

HELD TO MATURITY normally refers to a long term security (note or bond held for more than one year) that has a predetermined maturation event.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.