Question 12 (1 point) An example of an item which is NOT an element of working capital is inventory. accrued interest on notes receivable. goodwill. short-term investments. Question 13 (1 point) Under IFRS, where a right to return exists, this right is disclosed in the financial statements; no accrual necessary. this right does not need to be disclosed or accrued anywhere. sales returns and allowances are recognized as contra accounts to Revenues and Accounts Receivable. a refund liability is recognized