FIFO
FIFO
An abbreviation for first-in, first-out, a method employed in accounting for the identification and valuation of the inventory of a business.
FIFO assumes that the first goods purchased are the first sold. As a consequence, the items that remain in the inventory at the end of the year are assumed to be those purchased last.
cross-references
LIFO.
FIFO
FIFO (or fifo) Acronym for first in first out. FIFO list is another name for queue.
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cross-references , LIFO
An abbreviation for last in, first out, a method used in inventory accounting to value the merchandise of a particular business.
LIFO assumes th… First , first / fərst/ • ordinal number 1. coming before all others in time or order; earliest; 1st: his first wife the first of five daughters ∎ never previ… Assume , Skip to main content
assume
as·sume / əˈsoōm/ • v. [tr.] 1. suppose to be the case, without proof: you're afraid of what people are going to assume a… Purchase , pur·chase / ˈpərchəs/ • v. [tr.] 1. acquire (something) by paying for it; buy: Mr. Gill spotted the manuscript at a local auction and purchased it fo… Bookkeeping , Bookkeeping is the task of recording all business transactions—amounts, dates, and sources of all business revenue, gain, expense, and loss transacti… Caveat Emptor , CAVEAT EMPTOR
[Latin, Let the buyer beware.] A warning that notifies a buyer that the goods he or she is buying are "as is," or subject to all defect…
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FIFO