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LSDefine

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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Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
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