Question

Full form of LIFO?

Answer 1

Answer: Last In First Out

Explanation:

LIFO stands for Last In First Out, which is a fundamental principle used in various fields including computer science, accounting, and inventory management. This concept describes a method where the most recently added item is the first one to be removed or processed.

In computer science, LIFO is most commonly associated with a data structure called a stack. Think of it like a stack of plates in your kitchen - you always add new plates to the top of the pile, and when you need a plate, you take the one from the top. The plate that was placed last becomes the first one to be used. This same principle applies to computer memory management and function calls in programming languages.

Here are some practical applications of LIFO:

• Computer Programming: Stack operations for function calls, expression evaluation, and memory management • Accounting: Inventory valuation method where the most recently purchased items are considered sold first • Web Browsing: Browser history where the last visited page appears first when you click the back button • Undo Operations: Text editors and software applications use LIFO to track and reverse recent actions

In accounting and inventory management, LIFO is particularly important during periods of changing prices. When costs are rising, using LIFO results in higher costs being matched against current revenues, which can reduce taxable income. However, it's worth noting that LIFO is not permitted under International Financial Reporting Standards (IFRS) in many countries.

Understanding LIFO is essential for students studying computer science, business, or accounting as it represents a fundamental organizational principle that helps in efficient data management and processing across various applications.