The Exchange Rate System Agreed to in 1944,in Which the U.S.government

question 68

Multiple Choice

The exchange rate system agreed to in 1944,in which the U.S.government agreed to buy or sell gold at a fixed price of $35 per ounce,is referred to as

• A)the gold standard.
• B)the Bretton Woods System.
• C)a floating currency standard.
• D)a flexible exchange rate system.

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Definitions:

Common Stock

Equity security representing ownership in a corporation, providing voting rights and entitling the holder to a share of the company's success through dividends and/or capital appreciation.

Journalize

The process of recording transactions and events in the accounting journals as part of the accounting cycle.

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for financial reporting.

GAAP

The conventional framework of guidelines known as Generally Accepted Accounting Principles is applied for financial accounting within a specific legal territory.