See Also: Inventory Turnover Ratio Analysis Inventory to Working Capital Perpetual Inventory System Just in Time Inventory System Work in Progress LIFO vs FIFO – Last In, First Out vs First In, First Out In the field of accounting, LIFO vs FIFO are two methods of valuing inventory. LIFO assumes the last items acquired are

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Disclosure of Accounting Changes

See Also: Accounting Principles Probable Losses Subsequent Events Business Segments How to Make Dramatic Changes in Business Planning Your Exit Strategy Percentage Completion Method What Your Banker Wants You To Know Accounting Changes Explanation Accounting changes and error corrections are the switch from one principle of accounting to another – like with inventory and recognition

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