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- Subject
- Accounting Mcqsaccounting-mcqs
- Published
- 23 Apr 2024
- Last updated
- 28 May 2026
What does the acronym LIFO represent?
Multiple choice question for Accounting Mcqs. Select an option, then review the explanation below.
Explanation
LIFO stands for 'Last In, First Out,' which is a method where the most recently added item is the first to be removed, commonly used in data structures like stacks.
More Accounting Mcqs
Practice related questions from the same subject.
- 1.What is the accounting method called that systematically allocates the unexpired cost of fixed assets as expenses over multiple accounting periods?
- 2.What is the term used for any written document that serves as proof of a business transaction?
- 3.What term is used for the price reduction granted on faulty or damaged goods?
- 4.What is the term for the money invested by the owner to initiate a business?
- 5.What term is used to describe a decrease in the original price of an item?