Accruals - An expense that is paid after the period in which it related e.g. utility bill paid quarterly in arrears, Statement of Comprehensive Income - Shows the trading position of the business which is used to calculate the net profit., Cost of Goods Sold - The actual value of inventory used to generate sales, Residual value - The value of an asset when it is disposed of by the business., Prepayments - When an expense is made in advance of the period to which it relates e.g. rental, Gross Profit - Sales revenue – cost of goods sold, Non-current assets - Long term or fixed assets, Current assets - Short term assets – held for less than a year, Inventories - The value of stock held, Depreciation - An accounting method allocating the cost of a fixed asset over its useful life expectancy,

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