5.Will a company use the same exchange rate when translating ,Assets ,Liabilities,Revenues and Expenses? Explain

Q: Discuss the nature of income and revenue. When can revenue be recognised?

A: Nature of income and revenue and recognition of revenue is discussed hereunder : Income is the…

Q: The accounting process of assigning numbers, monetary terms, to the economic transactions and events…

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: How does payments for tax and licenses affect accounting equation

A: The accounting equation shows that the asset is equal to the sum of liabilities and stockholders'…

Q: Which balance sheet might be most useful to an investor? a. U.S. GAAP balance sheet b. IFRS GAAP…

A: IFRS is principal based.

Q: DEFINITIONS 1. Open position 2. Transaction exposure report 3. Hedging 4. Transaction

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Which would be translated the same under both the current rate and temporal methods? Equipment…

A: Temporal method:- It is considered as the one of the main method of translating a local currency to…

Q: Which of the following is part of the payments system of the economy? A. currency B. demand deposits…

A: A payment system is any mechanism that settles banking transactions by transferring monetary value.…

Q: Which of the following associations would most likely describe the relationship between an internal…

A: Economic Event: Economic event means events which include transferring the ownership of resource…

Q: Which function of money allows individuals to make payment now in return for goods and services? A.…

A: Medium of exchange : Money serves as a medium of exchange. Money facilitates exchange of goods…

Q: How is Accounting affected by Digital Currencies?

A: Digital Currency: It is a currency which can't be seen or touched but stored, managed and exchanged…

Q: Define each of the following terms:k. Accruals; trade credit

A: There are two types of systems in accounting, one is a cash system of accounting and the other is…

Q: Exchange differences in translating financial statements are recognized in profit or loss, while…

A: Exchange Differences - It is the difference translating of one currency unit to another currency at…

Q: Which of the following is NOT an indicator used in determining the functional currency? • a.…

A: A practical foreign money is the primary foreign money that a agency conducts its business. As…

Q: what the difference between accounting income and economic income?

A: Accounting income can be defined as an estimate of the performance in the operations of the company.…

Q: How does accounting rate of return (ARR) differ from the internal rate ofreturn (IRR)?

A: Introduction: Capital budgeting is an investment criterion or decision making mechanism for…

Q: How is Trade receivables turnover Ratio computed? What does it indicage?

A: Trade receivables: Trade receivables are the amounts which are billed by the business to its…

Q: Which of the following ratios is used by the company to determine its ability to pay currently…

A: A business organisation is treated as short term solvent if it is in a position to pay currently…

Q: Which of the following refers to the current rate used for the purpose of translations? O a. The…

A: Financial statements are the reports that are prepared and maintained by a business in order to…

Q: Each economic event or transaction will have a dual effect on financial position. Explain what is…

A: An event that has an impact on a business entity and results in transactions that can be quantified…

Q: During the annual audit of Garcia Company, you encountered the following account, entitled…

A: Current assets: An asset that converts into cash within a short period is called current assets.…

Q: Define balance of payments. And explain why it is useful to examine a country’s balance-of-payments…

A: The balance of payments is a record of all economic transactions between a country and the rest of…

Q: CASE 3 In connection with your audit of the Cebu Co. for the year 20x1, you were able to gather the…

A: Current liabilities Current liabilities are the short term liabilities which  are payable within a…

Q: In financial accounts, how are interfund transactions accounted for

A: An accounting firm's financial statements serve as concise summaries of its activities, conveyed…

Q: How do you find total sales in financial accounting?

A: Total sales in accounting: It refers to the net revenue of the organization that is reported in the…

Q: Masaya Company is preparing its 2020 financial statement. The accounting period ends on December 31.…

A: Trade and other receivables represent the account balances recorded by the corporation in their…