Accounting Software Glossary |
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The accounting software glossary is a glossary of words and phrases related to accounting software and is provided entirely as-is and without warranty. Please feel free to make use of the definitions of accounting software terms contained herein, provided you quote your source or, if used online, provide a link back to the accounting software glossary. |
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Definition of LIFO |
LIFO as an acronym for Last In First Out, which is a method of valuing stock that assumes the most recent stock bought is the first sold. On first sight this is inaccurate, but it is widely viewed as fair in that it protects companies from paying tax on false profits that arise only out of inflation.Other accounting software terms beginning with L |
| Landed Costs |
| The total expense of importing goods including ret... |
| Ledger |
| A book of accounts in which data from transactions... |
| Leverage |
| The proportion of the capital employed by a compan... |
| Liabilities |
| in accounting, is a loan, expense, or any other fo... |
| LIFO |
| LIFO as an acronym for Last In First Out, which is... |