5) For each of the following situations, select the best answer concerning accounting for foreign currency...

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Accounting

5) For each of the following situations, select the best answerconcerning accounting for foreign currency transactions:
(G) Results in a foreign exchange gain.
(L) Results in a foreign exchange loss.
(N) No foreign exchange gain or loss.
___1. Export sale by a U.S. company denominated in dollars,foreign currency of buyer appreciates.
_2. Export sale by a U.S. company denominated in foreigncurrency, foreign currency of buyer appreciates.
_3. Import purchase by a U.S. company denominated in foreigncurrency, foreign currency of buyer appreciates. _4. Importpurchase by a U.S. company denominated in dollars, foreign currencyof buyer appreciates.
_5. Import purchase by a U.S. company denominated in foreigncurrency, foreign currency of buyer depreciates. _6. Importpurchase by a U.S. company denominated in dollars, foreign currencyof buyer depreciates.
_7. Export sale by a U.S. company denominated in dollars,foreign currency of buyer depreciates.
___8. Export sale by a U.S. company denominated in foreigncurrency, foreign currency of buyer depreciates.

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4.4 Ratings (613 Votes)

1 Export sale by a US company denominated in dollars foreign currency of buyer appreciates No foreign exchange gain or loss 2 Export sale by a US company denominated in foreign currency foreign currency of See Answer

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5) For each of the following situations, select the best answerconcerning accounting for foreign currency transactions:(G) Results in a foreign exchange gain.(L) Results in a foreign exchange loss.(N) No foreign exchange gain or loss._____1. Export sale by a U.S. company denominated in dollars,foreign currency of buyer appreciates._____2. Export sale by a U.S. company denominated in foreigncurrency, foreign currency of buyer appreciates._____3. Import purchase by a U.S. company denominated in foreigncurrency, foreign currency of buyer appreciates. _____4. Importpurchase by a U.S. company denominated in dollars, foreign currencyof buyer appreciates._____5. Import purchase by a U.S. company denominated in foreigncurrency, foreign currency of buyer depreciates. _____6. Importpurchase by a U.S. company denominated in dollars, foreign currencyof buyer depreciates._____7. Export sale by a U.S. company denominated in dollars,foreign currency of buyer depreciates._____8. Export sale by a U.S. company denominated in foreigncurrency, foreign currency of buyer depreciates.