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  2. FIFO and LIFO accounting - Wikipedia

    en.wikipedia.org/wiki/FIFO_and_LIFO_accounting

    The code directs that LIFO may be used "only if the taxpayer establishes" that they have no other way of valuing their inventory. [1] In the FIFO example above, the company (Foo Co.), using LIFO accounting, would expense the cost associated with the first 75 units at $59, 125 more units at $55, and the remaining 10 units at $50.

  3. Cost of goods sold - Wikipedia

    en.wikipedia.org/wiki/Cost_of_goods_sold

    Cost of goods sold (COGS) is the carrying value of goods sold during a particular period.. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost.

  4. Matching principle - Wikipedia

    en.wikipedia.org/wiki/Matching_principle

    An example is an obligation to pay for goods or services received, where cash is to be paid out in a later accounting period. The amount is deducted from accrued expenses when it is paid. Accrued expenses share characteristics with deferred income (or deferred revenue ), except that deferred income involves cash received from a counterpart ...

  5. FIFO - Wikipedia

    en.wikipedia.org/wiki/FIFO

    FIFO in stock rotation, particularly to avoid food spoilage; FIFO (computing and electronics), a method of queuing or memory management Queue (abstract data type), data abstraction of the queuing concept; FIFO and LIFO accounting, methods used in managing inventory and financial matters

  6. IAS 2 - Wikipedia

    en.wikipedia.org/wiki/IAS_2

    IAS 2 also requires the use of the First-in, First-out (FIFO) principle whereby those items which have been in stock the longest are considered to be the items that are being used first, ensuring that those items which are held in inventory at the reporting date are valued at the most recent price. As an alternative, costs of inventories may be ...

  7. Financial accounting - Wikipedia

    en.wikipedia.org/wiki/Financial_accounting

    FIFO and LIFO; Journal; Ledger / General ledger; ... Financial accounting is a branch of accounting concerned with the summary, ... Example 1: in the beginning of ...

  8. FIFO (computing and electronics) - Wikipedia

    en.wikipedia.org/wiki/FIFO_(computing_and...

    FIFO's opposite is LIFO, last-in-first-out, where the youngest entry or "top of the stack" is processed first. [2] A priority queue is neither FIFO or LIFO but may adopt similar behaviour temporarily or by default. Queueing theory encompasses these methods for processing data structures, as well as interactions between strict-FIFO queues.

  9. List of business and finance abbreviations - Wikipedia

    en.wikipedia.org/wiki/List_of_business_and...

    For example, $225K would be understood to mean $225,000, and $3.6K would be understood to mean $3,600. Multiple K's are not commonly used to represent larger numbers. In other words, it would look odd to use $1.2KK to represent $1,200,000. Ke – Is used as an abbreviation for Cost of Equity (COE).