Making Your Rules Assuming You Don't Know Which Side You

question 182

True/False

Making your rules assuming you don't know which side you will be on in any given dilemma is the Theory of Justice.

---

Definitions:

Functional Currency

The currency of the primary economic environment in which an entity operates and carries out its transactions.

Presentation Currency

The currency in which financial statements are presented. This may differ from the functional currency in which transactions are recorded.

Accounts Receivable

Money owed to a company by its debtors for goods sold or services rendered on credit.

AASB 121

Specifies the requirements for accounting for foreign exchange rates and their effects on foreign currency transactions, including translation of foreign currency financial statements into the entity's presentation currency.