Under U.S. GAAP

question 140

Multiple Choice

Under U.S. GAAP

• A) currency signs are generally used in the journal, ledger, trial balance, and financial statements.
• B) Share Capital-Ordinary is referred to as Retained Earnings.
• C) the statement of financial position is often called the statement of changes in financial position.
• D) the rules of debits and credits, and the steps in the recording process are the same as under IFRS.

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Definitions:

Spot Price

The current market price at which an asset can be bought or sold for immediate delivery.

Canadian Dollars

The currency of Canada, symbolized as CAD, and used throughout the country.

Exchange Rate

In international finance, the rate at which one currency can be traded for another. Spot rates are available for current trades. Forward rates are available for currency to be delivered in a specified period of time.

Spot Exchange Rate

The current exchange rate at which a foreign currency can be bought or sold for immediate delivery.