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Q1. Distinguish between an upstream sale of inventory and a downstream sale. Why is it important to know whether a sale is upstream or downstream?

Q1. Distinguish between an upstream sale of inventory and a downstream sale. Why is it important to know whether a sale is upstream or downstream?

Q2. What factors are used to determine a reporting entity's functional currency? Provide at least one example for which a company's local currency may not be its functional currency.

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