Under IFRS, Equity Is Described as Each of the Following

question 22

Multiple Choice

Under IFRS, equity is described as each of the following except

• A) retained equity.
• B) shareholders' funds.
• C) owners' equity.
• D) capital and reserves.

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Definitions:

Unexpired Insurance

The portion of an insurance premium that has not yet expired or been used and is considered a prepaid expense.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life.

Equipment

Tangible property or assets, excluding real estate and vehicles, used in the operation of a business to produce goods or services.

Unearned Revenue

Money received by a company for goods or services yet to be delivered or provided, recorded as a liability.