first in first out

Definitions

General Science

  • noun a temporary queue where the first item stored is the first read.

Accounting

  • phrase an accounting policy in which it is assumed that stocks in hand were purchased last, and that stocks sold during the period were purchased first.

Banking

  • phrase a redundancy policy, in which the people who have been working longest are the first to be made redundant

Law

  • noun an accounting policy where stock is valued at the price of the oldest purchases
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