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

OBLIGATION, in business, is a legal duty to pay or do something.

REGISTER, in accounting, is a formal or official recording of items within a book or register, e.g., Fixed Asset Register or Invoice Register.

Suggest a Term

Enter Search Term

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