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inventory accounting

DEFINITIONS OF: inventory accounting

1

n accounting that controls and evaluates inventory

Types:
FIFO, first in first out
inventory accounting in which the oldest items (those first acquired) are assumed to be the first sold
LIFO, last in first out
inventory accounting in which the most recently acquired items are assumed to be the first sold
Type of:
accountancy, accounting
the occupation of maintaining and auditing records and preparing financial reports for a business
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