Why Is the Use of the U

question 42

Multiple Choice

Why is the use of the U.S.dollar as a unit of measure for financial statement data in the United States widely accepted?

• A)The U.S.dollar remains stable over a long period of time.
• B)The U.S.dollar is universally recognized as a reliable financial measure.
• C)The U.S.dollar is the medium of monetary exchange in the United States.
• D)The U.S.dollar is required for financial statement presentation by the FASB and SEC.

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Definitions:

Minimum Wage

The lowest legal hourly pay for workers, set by government legislation.

Poverty Line

A defined income threshold below which an individual is considered to be living in poverty, based on the minimum level of income deemed necessary to achieve an adequate standard of living.

Hispanics

People residing in the United States who are of Spanish-speaking origin or ancestry, including individuals from Latin American countries.

Poor

Individuals or populations that lack financial resources and basic needs for a comfortable standard of living.