Letter of Engagement
A letter of engagement outlines the scope, terms, and responsibilities of an accounting or auditing engagement between a firm and its client. It sets clear expectations, reduces misunderstandings, and serves as a binding professional agreement.
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LIFO (Last In, First Out)
A US-permitted inventory valuation method where the most recently acquired inventory is assumed to be sold first. LIFO is allowed under US…
Leveraged Buyout
A leveraged buyout is the acquisition of a company using significant borrowed funds, often secured by the target’s assets. Accounting…
Loss Ratio
Loss ratio measures the proportion of claims paid by an insurer relative to premiums earned. It evaluates underwriting performance and…
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