Last-in, first-out inventory costing method :

Using the price of merchandise purchased last to calculate the cost of merchandise sold first

Letter of credit :

A letter issued by a bank guaranteeing that a named individual or business will be paid a specified amount, provided stated conditions are met

Liquidation of a partnership :

The process of paying a partnership’s liabilities and distributing remaining assets to the partners

List price :

A business’s printed or catalog price

Long-term assets :

See Plant assets

Long-term liabilities :

Liabilities owed for more than a year

Loss on plant assets :

The loss that results when a plant asset is sold for less than book value

Lower of cost or market inventory costing method :

Using the lower of cost or market price to calculate the cost of ending merchandise inventory

Ledger Account :

An account containing transaction data relating to a specific type of item whether in the profit and loss or a balance sheet

Liability :

Amounts owed to entities outside of the business e g . Bank loan, supplier payment , overdraft

Long term Liability :

Items or amounts to be paid after 12 months e g . Bank loan

Loss :

The excess of expenses of a period over its related revenues its turned as loss.(It decreases owners equity )