Financial Accounting: define term and which statement it appears in

PPE

A non-current asset with a physical substance

current assets

Assets that companies expect to convert to cash or use up within one year or the operating cycle, whichever is longer.

Prepayment

Expenses that have been paid in advance

long-term liabilities

Liabilities to the business which will be paid in a longer period (usually more than a year)

opening inventory

Physical inventory at the beginning of a given period

Trade Receivable

SOFP: Amounts outstanding from customers to whom the business has provided goods or services on credit

Non-current assets

SOFP: Items owned by the business for more than one year

Cost of sales

The cost of goods sold during a period

Share capital

The total value of capital raised from shareholders by the issue of shares

current liability

a liability that must be paid with cash or with goods and services within one year or within the entity's operating cycle if the cycle is longer than a year

Accrual

recognition of an expense or a revenue that has been incurred or earned but has not yet been recorded