L


Labour Expense A total direct cost to the business for its employees during an accounting period. In addition to actual wages paid, this will include the cost of fringe benefits etc.
LAN - Local Area Network A computer network limited to the immediate area, usually the same building or floor of a building.
Last in First Out (LIFO) A method of valuation of stocks in which it is assumed that last items purchased or produced are the first items sold.

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