The Following Information Is Available for Able Inc

question 134

Multiple Choice

The following information is available for Able Inc.Office Supplies account. From the above information,calculate the amount of office supplies purchased.

• A)$9,000
• B)$8,000
• C)$2,000
• D)$3,000

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Definitions:

Functional Currency

The currency of the primary economic environment in which an entity operates, generally the currency in which it primarily generates and expends cash.

Relative Value

A method of determining an asset's value that takes into consideration the value of similar or related assets.

Functional Currency

The currency of the primary economic environment in which the entity operates, typically used in measuring and reporting its financial results.

Remeasure

The process of adjusting the value of a financial instrument or asset to reflect its current market value.