A Student Types the Formula '= YEAR( TODAY())-2005' to Calculate

question 1

True/False

A student types the formula '= YEAR( TODAY())-2005' to calculate the age of a person born in 2005.This formula will use the TODAY function as an argument for the YEAR function to obtain the current year,and then subtract 2005 returning the person's age.

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Definitions:

Equity

The value of an owner's interest in a property, calculated by subtracting liabilities from the value of an asset.

Functional Currency

The currency of the primary economic environment in which an entity operates and carries out its transactions.

Presentation Currency

The currency in which financial statements are presented. This may differ from the functional currency in which transactions are recorded.

Accounts Receivable

Money owed to a company by its debtors for goods sold or services rendered on credit.