Of the Following,which Is NOT True About the IMF and World

question 42

Multiple Choice

Of the following,which is NOT true about the IMF and World Bank?

• A) They were established in 1890.
• B) Their purposes are to promote international monetary stability and international trade.
• C) The IMF provides short-term loans to countries in financial crises.
• D) More than 180 countries participate as members of the IMF.
• E) The World Bank focuses upon long-term loans to developing countries seeking financing for economic reform purposes intended to raise the standard of living.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that is used globally for the preparation of public company financial statements.

Inventory Holding Gains

Gains resulting from an increase in the value of inventory that a company holds over a period.

Consignment

The process of placing goods with a third party who has the authority to sell the goods on behalf of the owner, but the ownership of the goods remains with the consignor until sold.

Inventory Valuation

A method used to assess the cost or market value of inventories a company holds at the end of a period.