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[1] Issues Papers were the vehicle the AICPA's Accounting Standards Executive Committee (AcSEC) used to present emerging practice problems to the FASB and accounting practitioners. Issues Papers generally followed a standard format: (1) background, (2) analysis of current practice, (3) review of the literature, (4) statement of issues needing ...
FIFO and LIFO accounting are methods used in managing inventory and financial matters involving the amount of money a company has to have tied up within inventory of produced goods, raw materials, parts, components, or feedstocks. They are used to manage assumptions of costs related to inventory, stock repurchases (if purchased at different ...
LIFO considers the last unit arriving in inventory as the first one sold. Which method an accountant selects can have a significant effect on net income and book value and, in turn, on taxation. Using LIFO accounting for inventory, a company generally reports lower net income and lower book value, due to the effects of inflation.
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Specific identification is a method of finding out ending inventory cost.. It requires a detailed physical count so that the company knows exactly how many of each good bought on specific dates comprise the year-end inventory.
First in, first out describes a method of managing items in storage: FIFO in stock rotation, particularly to avoid food spoilage; FIFO (computing and electronics), a method of queuing or memory management
LIFO may refer to: Last In First Out. FIFO and LIFO accounting; Stack (abstract data type), in computing, ...
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