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Which of the following items will result to foreign currency transaction gain/loss due to settlement or remeasurement?

Which of the following items will result to foreign currency transaction gain/loss due to settlement or remeasurement?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. Which of the following items will result to foreign currency transaction gain/loss due to settlement or remeasurement?




Foreign currency denominated non-monetary liabilities such as unearned revenue, warranty liability, premium liability and deferred tax liability.

 

Foreign currency denominated non-monetary assets such as inventory, PPE, intangible asset or prepaid asset.

 

Foreign currency denominated monetary items such as accounts payable, accounts receivable, notes payable, loans receivable or interest payable.

 

Foreign currency denominated income statement accounts such as revenue, income, expense or loss.

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