The Table Contains Balance of Payments Data for the Hypothetical

question 90

Multiple Choice

$$\begin{array} { | l | c | } \hline \text { (1) Goods exports } & + \$ 220 \\\hline \text { (2) Goods imports } & - 328 \\\hline \text { (3) Exports of services } & + 54 \\\hline \text { (4) Imports of services } & - 55 \\\hline \text { (5) Net investment income } & + 18 \\\hline \text { (6) Net transfers } & - 11 \\\hline \text { (7) Capital account } & - 1 \\\hline \text { (8) Foreign purchases of Econland assets } & + 124 \\\hline \text { (9) Econland purchases of foreign assets } & - 21 \\\hline\end{array}$$ The table contains balance of payments data for the hypothetical nation of Econland. All ?gures are in billions of dollars. Econland's balance on the capital and ?nancial accounts is a

• A) de?cit of $110 billion.
• B) surplus of $92 billion.
• C) surplus of $102 billion.
• D) surplus of $103 billion.

Grasp the differences between PSAB, CICA Handbook, and IFRS standards.

Distinguish between financial reporting requirements for different types of organizations (publicly accountable, private enterprises, NFPs, and government organizations).

Recognize how adoption of IFRS varies between code-law and common-law countries, including the adoption process for amendments.

Identify the specific accounting standards applicable to private companies, including factors influencing the choice between IFRS and ASPE.

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