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Simple English definitions for legal terms

LIFO

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A quick definition of LIFO:

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.

A more thorough explanation:

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.

  • A stack of plates in a restaurant kitchen is a good example of LIFO. The newest plate is placed on top of the stack, and when a plate is needed, the top plate is taken first, leaving the older plates at the bottom of the stack.
  • In accounting, LIFO is used to value inventory. When a company sells a product, it is assumed that the newest inventory is sold first, and the cost of goods sold is calculated accordingly.

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.

life-sustaining treatment | LIFO accounting

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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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