UNIT 3

What is IFRS?

• International Facilitator of Resources

• International Finance Route Statement

• International Financial Reporting Standards

The 3 elements of a Balance sheet are

• stocks - assets - revenues

• assets - liabilities - shareholder's equity

• assets - revenues - expenses

What are the instruments of the Income Statement?

• Assets - revenues - stocks

• revenues - expenses - shareholder's equity

• revenues - expenses - loss

A type of asset is

• Tangible asset

• Local asset

• Manual asset

The economic cost a business incurs in order to earn revenue

• Losses

• Revenues

• Expenses

You can calculate the liquidity ratio with

• Revenues - expenses

• Assets - Liabilities

• Debts - Assets

Leverage ratio is also called

• Liability ratio

• Cost ratio

• Debt ratio

Accounts payable is an example of

• assets

• stocks

• liabilities