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Auditing Terms - LLady Godiva accounting principles (LGAP) - (set of accounting principles requiring disclosure of all information, even if not required under GAAP)
lagged reserve accounting (LRA) - (accounting procedures to determine a bank's weekly cash reserves)
last in, first out (LIFO) - (computer processing method of reading/writing instructions from the top/last instruction, of a memory stack (list of instructions) )
Last In, First Out (LIFO) - (inventory accounting method for determining cost of goods sold using the cost of most recent purchases)
last-in, still here (LISH) - (same as first-in, first-out - accounting method of valuing inventory/cost of goods sold using earliest costs to vlue items coming out of inventory)
latest time (LT) - (latest time an activity can be completed without extending the completion time of the project)
Leading Economic Indicators (LEI) - (economic components/measures of business activity used to forecast the ups and downs of the business cycle)
Legal Exchange Information Service (LEXIS) -
less developed country (LDC) - (country that is not fully industrialized or is without a sophisticated financial or legal system)
Letter of Credit (L/C) - (document issued by a bank guaranteeing payment of a customer's drafts up to a stated amount)
Letter of Credit (LOC) - (document issued by a bank guaranteeing payment of a customer's drafts up to a stated amount)
Letter of Intent (L/I) - (any letter expressing intention to take (or not take), an action - preliminary agreement)
Leveraged Buyout (LBO) - (takeover of a company, using borrowed funds)
life cycle (LC) - (series of stages that characterize the course of existence of an organizational investment - product, project, program)
life cycle cost (LCC) - (cost of an asset from acquisition to retirement/cost of a system/product from design to obsolesence)
Lightweight Directory Access Protocol (LDAP) - (Protocol providing means of accessing a network directory - equivalent to using a phone book - a network directory lists resources and users - workstations, servers, printers.)
Lightweight Extensible Authentication Protocol (LEAP) - (Cisco password-based authentication framework)
Limited company (Ltd) - (British corporation)
Limited Liability Company (LLC) - (Type of business form that provides limited personal liability, as a corporation does. Alternative business organization available instead of a corporation.)
Limited Partnership (LP) - (organization made up of a General Partner and limited partners (investors))
linear programming (LP) - (method for determining the optimal allocation of scarce resources to alternative activities)
Link Control Protocol (LCP) - (wide area network protocol used when establishing, configuring, and testing a data link connection)
liquid asset (LA) - (cash or asset which can quickly be converted to cash - marketable securities)
Lisbon Interbank Offered Rate (LISBOR) - (rate that international banks charge each other for large loans)
Lisbon Stock Exchange (LSE) -
loan-to-cost (LTC) - (ratio of the price paid for a property to the value of the loan that will finance the purchase of the property)
Local Area Network (LAN) - (communications network serving users in a relatively small geographic area - building, office complex)
Logical Link Control (LLC) - (component of a data packet assembly dealing with flow control/error checking before data transmission)
London Commodity Exchange (LCE) - (merged with the London International Financial Futures and Options Exchange (LIFFE) in 1996.)
London Interbank Offered Rate (LIBOR) - (rate that international banks charge each other for large loans)
London International Financial Futures andd Options Exchange (LIFFE) -
London Metal Exchange (LME) - (base metals market trading exchange based in London)
London Stock Exchange (LSE) -
long run marginal cost (LRMC) -
long-term debt (LTD) - (debt maturing in more than one year)
Long-Term Equity AnticiPation Securities (LEAPS) - (long-term equity options traded on exchanges, with a two to five-year expiration date)
long run incremental cost (LRIC) -
lower of cost or market (LCM) - (Accounting principle that inventory should be valued at the lower of cost to produce, to purchase or repurchase, or its market value.)