Lesson 6: Inventory

Glossary - Know Your Words

Accounting is the language of business. To become proficient in accounting, it's essential to understand the terminology associated with each concept. Every lesson introduces specific terms, and we encourage you to take the necessary time to study each one carefully. Our glossary allows you to learn definitions in the context of related terms. It's a simple yet powerful tool that our university students have trusted for years to master accounting.

FIFO (First-in, First-Out)
Inventory Cost Flows
LIFO (Last-in, First-Out)
Moving Weighted-Average
Periodic Inventory Accounting
Perpetual Inventory Accounting
Physical Inventory
Purchase Discount
Purchase Returns
Purchases on Account
Shrinkage
Specific Identification