The Finance Balance Sheet Is

question 72

Multiple Choice

The finance balance sheet is

• A) the same as the accounting balance sheet, but it is based on market values.
• B) the same as the accounting balance sheet, but it does not have to balance.
• C) based on cash rather than accrual accounting.
• D) profit.

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Definitions:

British Pounds

The currency of the United Kingdom, also known as GBP (Great British Pound).

Foreign Exchange Gain

A profit derived from the change in exchange rates when converting from one currency to another.

Non-Interest-Bearing Note

A type of debt instrument which does not accrue interest, repaid at its face value at maturity.

U.S. Dollar Equivalent

The value of a foreign currency transaction converted into U.S. dollars at the current exchange rate.