$13-$ International accounting diversity can be found in terms of:

A$.$ the terminology used in the financial statements.

B$.$ the amount of information disclosed in the financial statements.

C$.$ the order of items in the financial statements.

D$.$ All of the above evidence of accounting diversity.

$14-$ Harmonization of accounting standards:

A$.$ is the same as convergence of accounting standards.

B$.$ always ensures resulting of comparable financial statements internationa

C$.$ forces accounting differences to be resolved through litigation.

D$.$ refers to the reduction of alternatives while retaining a high degree of fle

$15-$ Northland Corporation recorded $1,000,000$ in Accounts Receivable $f$ Kingdom and recorded Accounts Payable of $2,000,000$ Yuan for product recorded a foreign currency exchange loss on its receivables and a foreign must have happened to each currency?

A$.$ Yuan appreciated, Pound depreciated

B$.$ Yuan depreciated, Pound appreciated

C$.$ Yuan appreciated, Pound appreciated

D$.$ Yuan depreciated, Pound depreciated

$16-$ When two parties from different countries enter into a transaction:

A$.$ the currency to be used for settling the transaction is set by the goverr

B$.$ a third country's currency must be used to denominate the transactior

C$.$ the two parties are free to decide the currency that should be used to

D$.$ the domestic currency of the buyer must be used to settle the transac

$17-$ What is foreign exchange risk exposure?

A$.$ The possibility of a loss because of changes in the value of a foreign c

B$.$ Losses caused by paying for purchased goods in a foreign currency

C$.$ Losses caused by receiving payment in a foreign currency for goods $s$

D$.$ All of the above

$18-$ Excel Sources Inc. is a U$.$S$.$ incorporated company. Due to change payment against a sale of $$165,000.$ Under the two$-$transaction pers! A$.$ no journal entry will be prepared on the date of sale.

B$.$ the sale will be recorded at $$150,000$ on the date of sale.

C$.$ foreign exchange loss will be recorded for $$15,000.$

D$.$ Accounts Receivable will be debited for $$15,000$ on the date of pa$\text{'}$

$19-$ Which of the following statements is true of the relionshi exchange rate changes, and foreign exchange gains and losses?

A$.$ In an export sale, depreciation of the foreign currency causes a fo

B$.$ In an import purchase, appreciation of the foreign currency caus

C$.$ In an import purchase, depreciation of the foreign currency caus

D$.$ In an export sale, appreciation of the foreign currency causes a

$20-$ What is meant by the "translation" of foreign currency finan I statements prepared under foreign GAAP