FIFO, First In First Out, Figurehead, File

FIFO, First In First Out, Figurehead, File :

FIFO = First In First Out : A system under which the stock purchased first is sold first. However, it is very often said that at the time of inflation this method of dispatching the goods becomes less effective. Unfairly it also increases taxable income at a time when the money paid out for higher priced material is tied up in inventory.

Figurehead : That person in any organisation who though has got an important position but lacks in authority and responsibility. That person very often is controlled by others.

File : A collection of stored information or documents often ordered on the basis of the subject : A set of data or other records that is stored in the form of a unit


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