Response to the following questions:
1. Answer each of the following questions related to international accounting standards.
a. Do financial statements prepared under IFRS normally present assets from least liquid to most liquid or vice-versa?
b. Do financial statements prepared under IFRS normally present liabilities from furthest from maturity to nearest to maturity or vice-versa?
2. Why do companies prepare interim financial statements?
3. Is cash basis accounting consistent with the matching principle? Why or why not?