Which of the Following Statements Is Incorrect

question 7

Multiple Choice

Which of the following statements is incorrect?

• A)the presentation currency is the currency in which the financial statements are presented
• B)the functional currency of the entity or foreign operation will normally be obvious to management of an entity or foreign operation.
• C)individual entities and foreign operations must determine their functional currency
• D)the functional currency is the currency in which the financial statements are presented

---

Definitions:

Hydrophobic

Describing molecules or parts of molecules that repel water, often nonpolar substances that do not mix well with water.

Hydrophilic

Describes molecules or substances that are attracted to water and can be dissolved in it, typically because of the presence of polar groups.

Phospholipids

A class of lipids that are a major component of all cell membranes, consisting of two fatty acids, a glycerol unit, and a phosphate group, playing key roles in cellular structures and functions.

Choline

An essential nutrient that is part of the B-complex vitamin family; it's crucial for liver function, brain development, muscle movement, and metabolism.