Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
next-in, first-out
A method of inventory valuation (but not a generally accepted accounting principle) whereby the cost of goods is based on their replacement cost rather than their actual cost. - Abbr. NIFO. Cf. FIRST-IN, FIRST-OUT; LAST-IN, FIRST-OUT.