A Qualified Business Unit of a U.S.corporation that operates in Germany generally uses the U.S.dollar as its functional currency.

Name: A Qualified Business Unit of a U.S.corporation that operates in Germany generally uses the U.S.dollar as its functional currency.
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Question

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A Qualified Business Unit (QBU) operating in Germany is required to use the euro as its functional currency according to the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS).