Examlex
Which of the following is a deficit item in the U.S. current account?
FIFO
First-In, First-Out, an inventory valuation method where goods purchased or produced first are sold, used, or disposed of first.
Income Statement
A financial statement that shows a company's revenues and expenses over a specific period, ending with the net income or loss for the period.
Holding Gain
The increase in value of an asset held over a period, not realized until the asset is sold.
LIFO
An inventory valuation method, "Last In, First Out," where the most recently produced or acquired items are recorded as sold first.
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