FIFO

views updated Jun 27 2018

FIFO

An abbreviation for first-in, first-out, a method employed in accounting for the identification and valuation of the inventory of a business.

FIFO assumes that the first goods purchased are the first sold. As a consequence, the items that remain in the inventory at the end of the year are assumed to be those purchased last.

cross-references

LIFO.

West's Encyclopedia of American Law

FIFO

views updated May 11 2018

FIFO (or fifo) Acronym for first in first out. FIFO list is another name for queue.

A Dictionary of Computing JOHN DAINTITH

FIFO

views updated May 29 2018

FIFO (or fifo) (ˈfiːfəʊ) Computing, Accounting first in first out

The Oxford Dictionary of Abbreviations FRAN ALEXANDER , PETER BLAIR , JOHN DAINTITH , ALICE GRANDISON , VALERIE ILLINGWORTH , ELIZABETH MARTIN , ANNE STIBBS , JUDY PEARSALL , and SARA TULLOCH