Simple English definitions for legal terms
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Term: LIFO
Definition: LIFO stands for Last In, First Out. This means that when you have a bunch of things to count or process, you start with the newest thing first and work your way backwards. So, the last thing that came in is the first thing to be dealt with. This is often used in accounting, which is a way of keeping track of money and expenses.
Definition: LIFO stands for Last In, First Out. It is a method used to process items in which the newest item is counted or processed first, and each older item is processed in reverse chronological order after that. This method is commonly used in inventory management and accounting.
The examples illustrate the LIFO method by showing how the newest item is processed or used first, and the older items are used or processed later. This method can be useful in situations where it is important to keep track of the order in which items are received or used.