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Explain official reserve assets and its major components.
Answer: Official reserve assets are those financial assets which can be employed as international means of payments. At present, official reserve assets have: (I) gold, (ii) foreign exchanges, (iii) special drawing rights (SDRs), and (iv) reserve positions along with the IMF. Foreign exchanges are by far the most significant official reserves.
QUESTION An audit team is currently engaged in planning the audit of the financial statements of E Limited as at 30 June 2007. This was the first accounting period during which
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Q. What is Lending System? Under the note lending system, the borrower takes a loan, usually of 90 days Duration, against a promissory note. The loan may be renewed or retired
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