Question 6 (4 points)

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All of the following are factors influencing the development of accounting except:

Question 6 options:

a)	Standard Setting Process

b)	Social and cultural values

c)	Geographic location

d)	Political and legal systems

Question 7 (4 points)

The types of journal entries encountered in government accounting include all of the following except:

Question 7 options:

a)	Operating entries

b)	Closing entries

c)	Budgetary entries

d)	Accrual entries

Question 8 (4 points)

A current rate of exchange between two currencies is known as the:

Question 8 options:

a)	Average Rate

b)

Spot Rate

c)	Forward Rate

d)	Floating Rate

Question 9 (4 points)

Company F is a foreign subsidiary of a domestic company and Company Fs functional currency is the Euro. On Company Fs financials at the end of the year 2018, they reported 200,000 in cost of goods sold. If the spot rate on 1/1/18 was 1 = $1.12, the spot rate on 12/31/18 was 1 $1.18, and the weighted average rate for the full year 2018 was 1 = $1.02, how much is the translated balance of cost of goods sold in U.S. $ at year-end?

Question 9 options:

a)

$224,000

b)

$204,000

c)

$200,000

d)

$236,000

Question 10 (4 points)

Company ABC is a foreign subsidiary of a domestic company and Company ABCs functional currency is the Euro. On Company ABCs financials at the end of the year 2019, they reported 50,000 in inventory. If the spot rate on 1/1/19 was 1 = $1.15, the spot rate on 12/31/19 was 1 $1.06, and the weighted average rate for the full year 2019 was 1 = $1.10, how much is the translated balance of inventory in U.S. $ at year-end?

Question 10 options:

a)

$57,500

b)

$53,000

c)

$50,000

d)

$55,000