Which of the following statements are not correct?

(i). Acid test ratio is a more stringent test of liquidity than the current ratio. (ii). International Financial Reporting standards (IFRS) state that the inventory costing method which should be used in external reporting is Last In First Out (LIFO). (iii). Accruals are included as current assets in balance sheet. (iv). Main purpose of Statement of Cash Flows is to show the profit for the year.