Which of the Following Resulted in the Abandoning of the Bretton

question 17

Multiple Choice

Which of the following resulted in the abandoning of the Bretton Woods system in the 1970s? 

• A) The inflation rates in the United States and other developed counties were low. 
• B) The United States was not running a trade deficit. 
• C) The dollar became inconvertible into gold. 
• D) Most countries wanted to return to the gold standard system.

---

Definitions:

Income Recognition

The accounting principle that income should be recognized in the accounting period in which it is earned, irrespective of when the cash is received.

Initial Impairment Assessment

The first step in evaluating whether an asset's carrying amount exceeds its recoverable amount, indicating a potential impairment loss.

Intangible Asset

An asset that lacks physical substance but is identifiable and provides economic benefits to the owner, such as patents, trademarks, and copyrights.

Internal Recordkeeping

The process of maintaining all company records, including financial documents, employee information, and operational logs, primarily for internal use.