GUST

What is IFRS 10?

• Financial Instruments

• Consolidated Financial Statements

• Leases

• Impairment of Assets

Which of the following ratios is a measure of profitability?

• Long-term liabilities / shareholders' funds

• Trade receivables / revenue x 365

• Inventory / cost of sales x 365

• Revenue / total long-term capital

The amount spent for capital expenditures will be reported in which section of the statement of cash flows?

• Investing Activities

• Operating Activities

• Financing Activities

Which type of journal entries are made at the end of each accounting period so that the financial statements better reflect the accrual method of accounting?

• Reversing

• Adjusting

• Closing

What is defined as sales minus all variable expenses?

• Gross Profit

• Net profit

• Contribution Margin