ACCOUNTING CONCEPTS are the assumptions underlying the preparation of financial statements, i.e., the basic assumptions of going concern, accruals, consistency and prudence.
SOFT ASSETS are human resources (people, skills and knowledge) and intangible assets (information, brands, and reputation). Soft assets are hard to value and are not usually reflected in the books of account, nor are they typically subjected to periodic inventory. See also HARD ASSETS.
COST OF SALES see COST OF GOODS SOLD.
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