Accounting Glossary: F

FASB: Financial Accounting Standards Board. FASB is the highest-ranking authority in the private (non-government) sector of the U.S. for making pronouncements on GAAP and for keeping accounting standards up-to-date.

Federal Unemployment Tax: In the U.S., the fund that used to be known simply as Unemployment. Employers contribute to the fund, and states also collect taxes to fill their unemployment fund reserves. (The acronym FUTA means Federal Unemployment Tax Act.)

fidelity bonds: A type of insurance — typically carried by employers for their employees — that helps guard against theft and reduce the risk of loss.

FIFO: First-in, first-out. A method for costs of goods sold in which a business charges out product costs to cost of goods sold expense in the chronological order in which the goods were acquired.

fungible: Describes a product that is interchangeable and virtually indistinguishable from another product.

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