Which of the Following Statements Is Incorrect

question 11

Multiple Choice

Which of the following statements is incorrect?

• A) The relevant accounting standard applied in translating financial statements into another currency is AASB 121/IAS 21 The Effects of Changes in Foreign Exchange Rates.
• B) The financial statements of an entity may be recorded in a foreign currency and translated into Australian dollars for the purpose of combining those statements with the financial statements of a related Australian company.
• C) Not many companies in Australia have operations in both Australia and overseas locations.
• D) The financial statements of an Australian company may be prepared in Australian dollars and translated into a foreign currency for presentation purposes.

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Definitions:

Trademark Renewed

The process of extending the legal protection of a trademark beyond its initial registration period to maintain exclusive rights to the mark.

Initial Renewal

A process where an official agreement or registration is extended beyond its original end date.

Every Ten Years

A phrase indicating a recurring period or event that takes place once every decade.

Berne Convention

An international agreement that protects the rights of authors in their literary and artistic works across member countries.