Law Dictionary
To search for a particular term please use the following search box.
Legal Terms
Click on a category to see available terms for that category.
- Banking Law
- Canon Law
- Civil Law
- Civil Rights
- Commercial Law
- Common Law
- Consumer Law
- Contract Law
- Contracts
- Corporate Law
- Courts
- Criminal Law
- Employment Law
- English Law
- Family Law
- Feudal Law
- French Law
- General Practice
- Government
- Health Law
- Immigration Law
- Insurance Law
- Intellectual Property Law
- International Law
- Investment Law
- Latin Terms
- Maritime Law
- Military Law
- Monarchy
- Obsolete
- Real Estate Law
- Roman Law
- Scottish Law
- Spanish Law
- Tax Law
- Torts
- Transportation Law
- Trusts and Estates
- Water Law
FIFO
an acronym for first in, first out. It is a method of computing savings account earnings in which funds on deposit the longest period of time (first in) are considered to be those funds deducted from an account by any withdrawal (first out). This method results in the maximum interest penalty. In accounting, FIFO is a system of assessing the value of inventory, based on the cost for the first shipment of a particular item. See LIFO.
Source : U.S. Department of the Treasury
Language : English