INVENTORY ACCOUNTING

Pronunciation (US): (GB):

Meaning:

Accounting that controls and evaluates inventory

Classified under:

Hypernyms ("inventory accounting" is a kind of...):

accountancy; accounting (the occupation of maintaining and auditing records and preparing financial reports for a business)

Hyponyms (each of the following is a kind of "inventory accounting"):

FIFO; first in first out (inventory accounting in which the oldest items (those first acquired) are assumed to be the first sold)

last in first out; LIFO (inventory accounting in which the most recently acquired items are assumed to be the first sold)