Loading practice questions
ObjectiveMcq
Print Protected
This page is protected for print. Use the website to view the content.
What is the full form of "LIFO"?
Correct Answer: C — Last In, First Out
Explanation:
Last in, first out (LIFO) is a method used to account for inventory. Under LIFO, the costs of the most recent products purchased (or produced) are the first to be expensed. LIFO is used only in the United States and governed by the generally accepted accounting principles (GAAP).