| Revenue |
Income received through the course of normal business operations. Example - sales, provision of services, or interest earned. |
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| Assets |
Any item of value that has probable future benefits, held by an individual or corporation. Examples of assets are - Buildings, plant and equipment or cash at bank. |
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| Current assets |
Assets which are readily convertible to cash or that are not anticipated to be expended within the next year. Examples of non-current assets are - Motor Vehicles, buildings or plant and equipment.
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| Liabilities |
A legal obligation of an individual or business to repay another organisation for past transactions or events. Examples of liabilities include - wages payable, bank overdrafts or loans. |
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| Non-Current Liabilities |
Liabilities which are not due for payment within the next year. Examples of non-current liabilities are - Mortgages, bank loans or lease obligations. |
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| Current Liabilities |
Liabilities which are due for payment within a year. Examples of current liabilities are - Accounts payable, notes or bonds. |
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| Inventory |
Also known as Stock on Hand. Can include the raw materials necessary to manufacture a product, merchandise ready for sale and finished or unfinished products that the firm holds for sale in the next period. |
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| Gross profit |
Also known as gross margin. Sales less any expenses that relate directly to the sale ie. materials, labour and marketing. |
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