A variety of significant criteria are considered while determining the _____________.a.Functional currencyb.None of the abovec.Local currencyd.Reporting currency
Question
A variety of significant criteria are considered while determining the _____________.a.Functional currencyb.None of the abovec.Local currencyd.Reporting currency
Solution
The answer to your question is a. Functional currency. This is because the functional currency is determined by considering several significant criteria such as the currency of the primary economic environment in which the entity operates, the currency that mainly influences the sales prices for goods and services, and the currency in which financing activities are conducted.
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