inventory accounting

/ˌɪnvənˈtɔri əˌkaʊntɪŋ/
IPA guide

Definitions of inventory accounting
  1. noun
    accounting that controls and evaluates inventory
    see moresee less
    types:
    FIFO, first in first out
    inventory accounting in which the oldest items (those first acquired) are assumed to be the first sold
    LIFO, last in first out
    inventory accounting in which the most recently acquired items are assumed to be the first sold
    type of:
    accountancy, accounting
    the occupation of maintaining and auditing records and preparing financial reports for a business
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