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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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like kinda fucked
16:50
ugh that's so annoying
law schools that ghost should give you your money back
or reject
like man GIVE IT BACK!!!!
ClassyPleasantHeron
16:56
Schools explicitly asking applicants to retake the LSAT are TTTs pretending to be 2nd tier.
LMAOOO
like man oklahoma more like oklahowaboutyoueatmyshoe
me when that person on reddit said UofU wave and it's.... 3 people
help who just posted that right after I started bitching in chat
my heart fell straight into my ass mind u
and i just got a fucking app status tracker update... not for UofU... my BP is so spiked rn
QuarrelsomeTurkey
18:29
does anyone know if bu ever releases after 5 pm
Lol @jupitersmoons It feels like UofU is screwing with us haha
fr like I know it"s Mountain Time but bestie we have less than half an hour before typical EOD
what we doing
Real
19:17
new COAs are out
19:37
Anyone know how long it takes to get aid package after getting admitted to UChicago or Northwestern?
I’d ask in the t14 chat bc lol it may be a bit until you can get someone who can answer that question here
21:19
@syddak: Oof tough spot. Congrats on the As. Did either indicate either via email/mail that they would be following up with aid, and if so, did they provide a time frame? It may be acceptable to email them and indicate seat deposits are fast approaching and you are curious if you can expect further info (aid) from the school to aid u in ur decision..
0:26
@UnderRepresentedTryhard: that’s a greater than sign. Meaning outside t14
0:27
Schools>t14
IrishDinosaur
13:38
I'm convinced USC doesn't really exist
IrishDinosaur
13:38
it's an elaborate hoax
i showed a guy at asd my lsd profile. little does he know that im an influencer
babycakes
16:36
u such a crazy flexer
the fellas were impressed by the r less cycle
you guys have really impressive lsats, nice job
thank you fartsmeller5000
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