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Simple English definitions for legal terms

FIFO accounting

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A quick definition of FIFO accounting:

FIFO accounting is a way to figure out how much a company's inventory is worth. It means that the first things a company buys are the first things they sell or get rid of. This method usually makes a company's profits look higher than if they used a different method. However, it might also mean they have to pay more taxes. Using FIFO can help new businesses get loans more easily.

A more thorough explanation:

FIFO accounting is a way of calculating the value of inventory. It stands for "First in, first out." This means that the first items purchased are assumed to be the first ones sold or disposed of.

For example, let's say a store buys 10 shirts for $5 each. Later, they buy 10 more shirts for $7 each. If they sell 5 shirts, FIFO accounting assumes that they sold the first 5 shirts they bought for $5 each.

FIFO accounting usually results in a higher recorded value of inventory and higher net income than if LIFO (Last in, first out) accounting were used. However, it may also lead to higher income taxes.

New businesses may prefer to use FIFO accounting because it can help them get loans on better terms.

FIFO | Fifth Amendment

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
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the devil
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20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
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im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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JumpySubsequentDolphin
22:39
@splitty Oregon!
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JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
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