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LIFO in Accounting Meaning

The LIFO meaning in Accounting terms is "Last In, First Out". There are 3 related meanings of the LIFO Accounting abbreviation.

LIFO on Accounting Full Forms

  1. Last In, First Out A method of determining the cost of inventory used in a product. In this method, the costs of material are transferred to the product in reverse chronological order. LIFO is used to describe the movement of goods.
  2. Last In First Out
  3. Last-In, First Out

Frequently Asked Questions (FAQ)

  1. What does LIFO stand for Accounting?

    LIFO stands for Last-In, First Out in Accounting terms.

  2. What is the shortened form of Last-In, First Out in Accounting?

    The short form of "Last-In, First Out" is LIFO for Accounting.

Citation

LIFO in Accounting. Acronym24.com. (2022, April 3). Retrieved April 5, 2025 from https://acronym24.com/lifo-meaning-in-accounting/

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