Portal:Business/Did you know/5


 * ...that Luca Pacioli, codified the double-entry bookkeeping system in his mathematics textbook Summa de arithmetica, geometria, proportioni et proportionalità published in Venice in 1494?


 * ...that, as of August 2008, more than 113 countries around the world, including all of Europe, required or permitted IFRS reporting and 85 required IFRS reporting for all domestic, listed companies?


 * ...that IFRS financial statements consist of a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a Statement of Cash Flows and a Notes to the Financial Statements?


 * ...that in the circular flow model, the inter-dependent entities of producer and consumer are referred to as "firms" and "households" respectively and provide each other with factors in order to facilitate the flow of income?


 * ...that Wassily Leontief was the first to use a matrix representation of a national economy, in his input-output model?


 * ...that the balance of payments of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period?


 * ...that the existence of property rights, besides being a fundamental item in many legal systems, constitutes also the fundamental presupposition for the mathematical validity of both the accounting equation (financial statements) and the equality of gross value added and net output (national accounts)?