Under Accounting Standards for Private Enterprises, What Exchange Rate Is

question 37

Multiple Choice

Under accounting standards for private enterprises, what exchange rate is used for non-monetary items carried at fair value?

• A)The exchange rate at the date the item was ordered
• B)The exchange rate at the date the item was received
• C)The exchange rate at the date of payment for the item
• D)The exchange rate at the statement of financial position date

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Definitions:

Economic Expansion

A period of increased commercial and industrial activity within an economy, marked by rising GDP, employment, and productivity.

Standard Of Living

The level of wealth and material comfort that people have available to them.