Respectively,a company's domestic currency,functional currency and presentation currency are:
I.the currency in which the financial statements must be presented
ii) the currency in whichan entity is required to measureits financial performance and position
iii) the currency of the country of incorporation
iv) the currency of the country in which the majority of shareholders are located

Question

Quizplus · Accepted Answer

- Domestic currency: This refers to the currency of the country where the company is headquartered or operates from, and where its operations are primarily conducted. This is referred to as "iii" in the answer choices, which is "functional currency".
- Functional currency: This is the currency in which the company's financial statements are primarily prepared and it reflects the main economic environment in which the company operates. This is referred to as "ii" in the answer choices.
- Presentation currency: This is the currency in which the financial statements are presented to users, such as investors, creditors, and regulators. This is referred to as "i" in the answer choices.

Respectively,a Company's Domestic Currency,functional Currency and Presentation Currency Are