| NOUN | act | inventory accounting | accounting that controls and evaluates inventory |
|---|
| Meaning | accounting that controls and evaluates inventory. | |
|---|---|---|
| Narrower | first in first out, FIFO | 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 | |
| Broader | accountancy, accounting | The occupation of maintaining and auditing records and preparing financial reports for a business |
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