Under the Bretton Woods,all Countries Fixed the Value of Their

question 100

Multiple Choice

Under the Bretton Woods,all countries fixed the value of their currency in terms of:

• A)the British pound.
• B)the euro.
• C)the U.S.dollar.
• D)gold.

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Definitions:

Monetary Items

Units of currency held and assets and liabilities to be received or paid in a fixed or determinable amount of currency.

Currency Units

Units of account used as a medium of exchange, represented in forms such as dollars, euros, yen, etc.

Liabilities

Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits.

AASB 121

The Australian Accounting Standards Board document that refers to the effects of changes in foreign exchange rates on financial reporting.