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LSDefine

Simple English definitions for legal terms

last-in, first-out

Read a random definition: money broker

A quick definition of last-in, first-out:

LAST-IN, FIRST-OUT: This is a way of keeping track of things that assumes that the last thing you got is the first thing you use or sell. It helps match the costs of things with the money you make from selling them. It's like eating the newest cookies first before the older ones.

A more thorough explanation:

Definition: Last-in, first-out (LIFO) is an accounting method that assumes the most recent purchases are sold or used first, matching current costs against current revenues.

For example, imagine a grocery store that sells bananas. The store receives a shipment of bananas every week. The bananas that were most recently delivered will be sold first, before the older bananas. This is because the newer bananas are assumed to have a higher cost, and the store wants to match those costs with the revenue they generate.

Another example is a warehouse that stores boxes of merchandise. When new boxes are delivered, they are placed on top of the older boxes. When it's time to ship out merchandise, the boxes that were most recently added to the stack will be shipped out first.

These examples illustrate the LIFO method because the most recent items are being used or sold first, which matches their current costs with current revenues.

last illness | last-injurious-exposure rule

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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