Examlex
If you see the notation ,what should you do?
LIFO Method
An inventory valuation method that assumes the last items added to inventory are the first ones to be sold (Last In, First Out).
Periodic Inventory System
An inventory valuation method where the ending inventory and cost of goods sold are determined at the end of the accounting period.
Subsidiary Ledger
A detailed ledger that contains the individual accounts related to a specific category, supplementing the general ledger.
Consignment
An arrangement where goods are left with a third party to sell, but ownership remains with the supplier until the goods are sold.
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