Most firms report the amounts in their financial statements using _____.
A)Euro's
B)United States Dollars
C)Japanese Yen
D)currency of the country where they are incorporated and conduct most of their business activities
E)Swiss Francs

Question

Quizplus · Accepted Answer

Most firms report the amounts in their financial statements using the currency of the country where they are incorporated and conduct most of their business activities. This is known as the functional currency. It provides a clear and consistent basis for measuring and reporting financial performance over time.

Most Firms Report the Amounts in Their Financial Statements Using