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ACC541 101 ACCOUNTING THEORY & RESEARCH

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  • 7 terms

    Term:

    LIFO (Last In; First Out)

    Definition:

    Tax Scheme; In times of inflation, COGS increases while Income Tax decreases Current Costs should be matched against current revenues. May eliminate inventory holding gains when inventory is stable.definition

    • ACC/541
    • 7 terms
    • Vocabulary for ACC/541. Find, create, and access Accounting Theories, flashcards with Course Hero.

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