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

BOOKS OF RECORD are all mandatory entries into those documents that track the activity, events, or decisions pertaining to the subject for which the records are maintained, e.g., board of director minutes, births or deaths, and marriage licenses.

AFE, dependent upon usage, is an acronym for Authorization for Expenditure or Average Funds Employed.

Suggest a Term

Enter Search Term

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