License, Lien, LIFO, Last In First Out

License, Lien, LIFO, Last In First Out :

License : the act of granting permission to do something, as to marry, to carry out a business, to practise a profession, etc. : the act of granting permission often to charge a royalty fee to use a process that is patented and in some cases, for advertising such practises, as a cloth manufacturer who employs a famous process for waterproofing of the garments. A seller permitting a buyer to use the brand name during the promotional campaign of his product as a company that deals in photo processing promoting the use of a branded print paper : an agreement permitting the use of copyrighted material for promoting or decorating a product as the picture of a cartoon character on a child’s lunch box

Lien : a lawful claim on property acting as a security against a debt

LIFO = Last In First Out : a system of inventory valuation that confers the removal of material in an order that is the reverse of their entry, thus, suggesting to match the cost of the most recently entered material with oldest revenue. During the period of rising prices, it is argued that this system minimises the value of the inventory lying the warehouse, which leads to the reporting of a lower taxable income


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