All the following statements concerning one and two-transaction approaches are correct, except: ...
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Accounting
All the following statements concerning one and two-transaction approaches are correct, except:
| a. | GAAP requires the one-transaction approach | |
| b. | Under the two-transaction approach the original sale is accounted for in U.S. dollars at date of sale and no subsequent adjustments are required for sales | |
| c. | The one-transaction perspective assumes the export sale is not complete until the foreign currency receivable has been collected | |
| d. | GAAP treats the sale and collection of cash as two separate transactions |
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