last in first out

Definitions

General Science

  • noun a queue system in which the last item stored is the first read

Banking

  • phrase a redundancy policy using the principle that the people who have been most recently appointed are the first to be made redundant

Economics

  • noun
    (written as last-in, first-out)
    an accounting method in which stock is valued at the price of the latest purchases.
  • phrase an accounting method where stock is valued at the price of the earliest purchases. It is assumed that the most recently purchased stock is sold first.

Law

  • phrase in a redundancy situation, the dismissal of the people who have been most recently appointed before people who have longer service
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