Need help with International Accounting, please. Please explain briefly. Thanks Please refer to the FASB Accounting Standards Codification (FASB ASC):

1. For foreign-currency related transactions, whether they are accounts receivable or accounts payable denominated in a foreign currency, describe briefly how such transactions are recorded and reported on the income statement when the books are closed at the end of each accounting period, assuming there are outstanding foreign currency related balances receivable or payable at the end of the period.

2. Explain using an example when a firm would use a cash flow hedge to manage a foreign currency transaction. Be specific.