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1 3 - International accounting diversity can be found in terms of: A . the terminology used in the financial statements. B . the amount
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.
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
Northland Corporation recorded in Accounts Receivable Kingdom and recorded Accounts Payable of 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
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
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
D All of the above
Excel Sources Inc. is a US incorporated company. Due to change payment against a sale of $ Under the twotransaction pers! A no journal entry will be prepared on the date of sale.
B the sale will be recorded at $ on the date of sale.
C foreign exchange loss will be recorded for $
D Accounts Receivable will be debited for $ on the date of pa
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
What is meant by the "translation" of foreign currency finan I statements prepared under foreign GAAP
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