Historical perspective: The "LIFO" term
originated in the accounting profession and refers to how on-hand
inventory is valued when it is issued. For example, do you use the EARLIEST
received material price (FIFO system - - First In, First Out) or the
LATEST received material price (LIFO system - - Last In, First Out) to
cost the transaction and remaining inventory. The "FISH" (First In,
Still Here) was a humorous, sarcastic combination of the LIFO &
FIFO, commenting on the excessive and/or "dead inventory" that a
company might be carrying. Programmers and other may have appropriated
the LIFO & FIFO & FISH terms for similar conditions (and evolved
other derivations, like the GIGO & NINO), but the original usage
came from the accounting world.
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