Under IFRS,which of the Following Is Not True

question 109

Multiple Choice

Under IFRS,which of the following is not true?

• A)The income statement is called the earnings statement.
• B)The balance sheet is called the statement of financial position.
• C)The statement of stockholders' equity is called the statement of shareholders' equity.
• D)The cash flow statement is called the cash flow statement.

---

Definitions:

Indirect Quote

An exchange rate expressed as the amount of foreign currency one unit of domestic currency can buy.

Direct Quote

An exchange rate presented as the local currency for each unit of the international currency.

Japanese Yen

The official currency of Japan, widely recognized by its symbol ¥ and used extensively in international trade.

Forward Exchange Rate

The forward exchange rate is a contractually fixed exchange rate for a financial transaction that will occur at an agreed upon future date.