The __________ States That Organizations Should Create Economic Value in a Way

question 57

Short Answer

The __________ states that organizations should create economic value in a way that also creates value for society.

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Definitions:

Presentation Currency

The currency in which the financial statements of an entity are presented.

Non-Monetary Items

Items that are measured at historic cost rather than their current monetary value, such as property, plant, and equipment.

Functional Currency

The currency of the primary economic environment in which an entity operates, usually the local currency or the currency of the country where it primarily generates and expends cash.