Types of Data. We'll talk about data in lots of places in The Knowledge Base, but here I just want to make a fundamental distinction between two types of data: qualitative and quantitative. The way we typically define them, we call data 'quantitative' if it is in numerical form and 'qualitative' if it is not.
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LIFO, which stands for last in, first out, is a controversial way of accounting for how inventory has been sold. The method is banned under the International Financial Reporting Standards which are the accounting rules followed in the European Union, Japan, Russia, Canada, India and many other countries.