If One USDollar Could Be Exchanged for One Australian Dollar in 1970,and

question 48

Multiple Choice

If one U.S.dollar could be exchanged for one Australian dollar in 1970,and one U.S.dollar can now be exchanged for 0.98 Australian dollars,which of the following is true?

• A)The U.S.dollar gained value against the Australian dollar.
• B)The Australian dollar lost value against the U.S.dollar.
• C)The Australian dollar gained value against the U.S.dollar.
• D)Both A and C are true.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts.

Income Statement

A financial statement that presents the revenues, expenses, and profits or losses of a company over a specified period, typically a quarter or year.

End-of-Year Spreadsheet

A document summarizing financial and accounting information at the conclusion of the fiscal year, aiding in analysis and decision-making.

Adjusted Trial Balance

A report that lists all the accounts and their balances after adjustments, used to ensure the total debits equal total credits before generating financial statements.