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Functional currency, financial reporting practices

24. What is a company's functional currency?
A) the currency of the primary economic environment in which it operates
B) the currency of the country where it has its headquarters
C) the currency in which it prepares its financial statements
D) the reporting currency of its parent for a subsidiary
E) the currency it chooses to designate as such

25. Which of the following is not a factor influencing a country's financial reporting practices?
A) Providers of financing
B) Inflation
C) Legal system
D) Gross National Product
E) Political and economic ties

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24. What is a company's functional currency?
A) the currency of the primary economic environment in which it operates
B) the currency of the country where it has its headquarters
C) the currency in which it prepares its financial statements
D) the reporting currency of its parent for a subsidiary
E) the currency it chooses to designate as such

Answer: A) the ...

Solution Summary

Answers 2 multiple choice questions on functional currency, financial reporting practices.

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