Question 24 1 Point the rate that used to translate income statement from foreign currency is A) the exchange rate at the date of financial statements B the average exchange rate the current exchange rate D) None of the other answers. Question 25 1 Point On October 1, 2006, Alpha Co, a Saudi company, acquired goods on account from C&A Industries, a U.S. company, for $15,000, ($ 1=SR 3). Settlement is made on December 1,($ 1=SR 4). The journal entry in Alpha book on Dec. 1 is A Accounts Payable debit 60,000, exchange loss credit 15,000 and Cash credit 45,000. B Accounts Payable debit 45,000, exchange loss debit 15,000 and Cash credit 60,000. Cash debit 45,000, exchange loss debit 15,000 and Accounts Payable credit 60,000. D) None of the other answers. Question 26 1 Point are the right (but not the obligation) to either to Call (buy), or Put (sell) A Options B Futures Contracts Swaps D Forward Contracts Question 27 1 Point On November 1, 2020, Bita Co., a Saudi Co. sold goods on account to Nile Co., an Egyptian Co. for $40,000 ($1 = SR 3), On December 31 (the end of the financial year) the exchange rate was $1= 5R5), settlement is made on February 1, 2021 ($1 = SR 4). The journal entry in Bita Co. book on February 1 is A None of the other answers. B) Cash debit 160,000 and Accounts receivables credit 160,000. Accounts receivables debit 200,000, exchange gain credit 40,000 and cash credit 160,000. Cash debit 160,000, exchange loss debit 40,000 and Accounts receivables credit 200,000