Which one of the following is correct? a) The SEC requires listed companies to l

Question

Which one of the following is correct?

a)

The SEC requires listed companies to lodge

financial statements once every year.

b)

The U.S. dollar is the monetary unit used in the

financial statements for all companies that sell

products in the United States.

c)

A balance sheet prepared using the going

concern assumption will most likely show a

different amount for

Stockholder’s Equity

than a

balance sheet prepared using liquidation values.

d)

To accurately determine the value of a business,

the owner’s personal assets and liabilities need

to be consolidated with the assets and liabilities

of their business.

Explanation / Answer

Correct Statement :-

The U.S. dollar is the monetary unit used in the financial statements for all companies that sell products in the United States.

ASC 830 provides the accounting and reporting requirements for foreign currency transactions and the translation of financial statements from a foreign currency to the reporting currency. ASC 830 also applies to the translation of financial statements for purposes of consolidation, combination or the equity method of accounting

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