Table of contents

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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

In accounting, the letters FIFO refer to which of the following inventory valuation methods?

Final-In, First-Out

Fast Inventory, Fast Outflow

First-In, First-Out

First-In, Final-Out

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Verified step by step guidance

Understand that FIFO stands for 'First-In, First-Out,' which is an inventory valuation method used in accounting.

Recognize that FIFO assumes the oldest inventory items (the ones purchased or produced first) are sold or used first.

Learn that under FIFO, the cost of goods sold (COGS) is based on the cost of the earliest inventory, while the ending inventory reflects the cost of the most recent purchases.

Compare FIFO with other inventory valuation methods, such as LIFO (Last-In, First-Out) or Weighted Average, to understand its unique characteristics and applications.

Apply FIFO in practice by organizing inventory records chronologically and calculating COGS and ending inventory based on the assumption that the first items in are the first items out.