Alpha Ltd is an Australian company, the currency of its principal economic environment is UK£ and its financial statements are presented in ¥ the functional currency of its parent entity.
When considering foreign currency transactions and the preparation of financial reports of entities that engaged in transactions denominated in foreign currencies, four currency classifications are adopted:
I the presentation currency
II the domestic currency
III the functional currency
IV foreign currencies
-For Alpha Ltd, it presentation currency is:
A) A$
B) ¥
C) UK£
D) US$
Correct Answer:
Verified
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