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LIFO
An inventory valuation method where the most recently purchased items are recorded as sold first. During inflation, LIFO typically results in higher cost of goods sold and lower taxable income. It’s allowed under U.S. GAAP but not under IFRS.
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Lump-Sum Purchase
A single payment made to buy multiple assets in one transaction, such as buying land and a building together. The…
Long-Term Debt
Financial obligations due more than one year from the reporting date. It includes bonds, bank loans, or lease obligations. Long-term…
Liquidation
The process of closing a business and distributing its assets to creditors and owners. Assets are sold to pay off…
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