Fundamental Accounting Principles
24th Edition
ISBN: 9781259916960
Author: Wild, John J., Shaw, Ken W.
Publisher: Mcgraw-hill Education,
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Chapter 15A, Problem 15DQ
To determine
Concept Introduction:
Foreign Currency Transactions:
A business doing international transaction enters into the foreign currency transactions. The value of foreign current keeps changing and these results in the foreign exchange gain or loss for the business.
The accounting for foreign exchange gain or loss is done with separate disclosures in the financial statements.
To Indicate:
If the U.S. Company shall recognize the foreign exchange gain or loss
Expert Solution & Answer
Answer to Problem 15DQ
Yes, the U.S. Company shall recognize the foreign exchange gain or loss
Explanation of Solution
A business doing international transaction enters into the foreign currency transactions. The value of foreign current keeps changing and these results in the foreign exchange gain or loss for the business.
The accounting for foreign exchange gain or loss is done with separate disclosures in the financial statements. Hence, the U.S. Company shall recognize the foreign exchange gain or loss
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Students have asked these similar questions
Hello tutor please given General accounting question answer do fast and properly explain all answer
I need help solving this general accounting question with the proper methodology.
Based on the results of the Accounts Receivable Aging as of December 31, 2022 visualization,
what conclusion can be made regarding the outstanding accounts receivables?
a. The count of unpaid invoices was the highest for invoices within the 90+ days aging group
and the lowest for invoices in the 31-60 days aging group.
b. The count of unpaid invoices was the highest for invoices within the 31-60 days aging
group and the lowest for invoices in the 90+ days aging group.
c. The outstanding accounts receivable value for the 90+ days aging group is approximately
the value of the other aging groups combined.
d. The outstanding accounts receivable value for the 90+ days aging group is approximately
twice the value of the other aging groups combined.
Chapter 15A Solutions
Fundamental Accounting Principles
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Foreign Exchange Risks; Author: Kaplan UK;https://www.youtube.com/watch?v=ne1dYl3WifM;License: Standard Youtube License