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

LIQUIDITY is a. a companys ability to meet current obligations with cash or other assets that can be quickly converted to cash; b. in securities, it is the ease with which an instrument can be bought or sold at or near prevailing market prices in the secondary market (often reflected by the range of the bid-asked spread).

INFLATION ACCOUNTING is a system of accounting which, unlike historical cost accounting, takes into account changing prices.

Suggest a Term

Enter Search Term

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