LIFO RESERVE Definition

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LIFO RESERVE is the difference between the ending inventory under LIFO and FIFO (or other method that might be chosen).

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LIABILITY, in accounting, is a loan, expense, or any other form of claim on the assets of an entity that must be paid or otherwise honored by that entity.

CONTROL PREMIUM is an amount (expressed in either dollar or percentage form) by which the pro rata value of a controlling interest exceeds the pro rata value of a non-controlling interest in a business enterprise, that reflects the power of control.

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