Explain the Concept of Standardization

question 15

Essay

Explain the concept of standardization.

---

Definitions:

Japanese Yen

The official currency of Japan, commonly used in international financial transactions.

U.S. Dollar

The official currency of the United States, widely used as a benchmark and reserve currency around the world.

Fixed Exchange Rates

A government or central bank policy setting the value of its currency in relation to another currency or a basket of currencies.

Consolidated Statements

Financial statements that present the assets, liabilities, equity, income, expenses, and cash flows of a parent company and its subsidiaries as a single entity.