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LIFO Method
Last In, First Out method; an inventory valuation technique where the most recently produced items are recorded as sold first.
Prospective Treatment
An approach in accounting where changes are applied to transactions and events from a specific date forward.
Reporting Entity
An entity, such as a company or organization, that must prepare financial statements to provide information to users.
MACRS Depreciation
The Modified Accelerated Cost Recovery System is a method of depreciation for tax purposes in the United States, allowing for faster depreciation of assets in the early years.
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