How should we recognize the difference in the value of a receivable in a foreign currency at the time it was was received? Multiple Choice O O As an adjustment to stockholders' equity As an extraordinary capital expenditure As a prior period adjustment
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- Which accounts are remeasured (versus translated) using current exchange rates? Select one: a. All current assets and liabilities b. All assets and liabilities All revenues and expenses d. Cash, receivables, and most liabilities e. All noncurrent assets and liabilities C.What is the basic accounting problem created by the monetary unit assumption when there is significant inflation? What appears to be the IASB position on a stable monetary unit?Which one of the following is not a money market instrument? A. Treasury bill B. Negotiable certificate of deposit C. Commercial paper D. Treasury bond E. Eurodollar account Please explain all points without plagiarism Upvote ?sure
- Write Notes on the Following A: Off Balance Sheet Assets and Liabilities B: Interest Rate Risk Management C: Sterilized Intervention in Foreign Exchange D: Unsterilized Intervention in Foreign Exchange E: Balance of PaymentHow should exchange gains or losses resulting from foreign currency transactions be accounted for? Included as component of income from continuing operations for the period in which the rate changes. Included as component of other comprehensive income for the period in which the rate changes. Included in the statement of financial position as a deferred item. Included in net earnings for gains, but deferred for losses.The system of using a monetary unit, such as the US dollar, to value the transaction is known as which of the following? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumption
- Describe the following 1. Unrealized gains or losses on derivatives held on cash flow hedges. 2.Unrealized gains or losses on investment available for sale. 3.Dividends declared in a particular period. 4.Gain or losses on foreign exchange translations. 5.Recording of previous periods errors in revenue and expenditure after preparation of final accounts in the current periods.Which of the following is NOT a component of Accumulated Other Comprehensive Income? A. Gains or losses on Treasury Stock B. Unrealized holding gains or losses on available-for-sale securities C. Gains or losses from foreign currency translation adjustments D. Gains or losses related to post retirement benefit plans (pensions)a) In ordinary language, explain the meaning of Velocity of Money. b) State and explain the variables in the equation of exchange. c) Use the equation of exchange stated in (b) above to explain the relationship between changes in the money supply and the price level. State any assumptions made. d) Using the equation of exchange from part b) and information of the Bank of Ghana’s Quarterly Bulletin/Statistical Bulletin as well as quarterly GDP releases from the Ghana Statistical Service, calculate the Velocity of Money for the Ghanaian economy from the first quarter of 2020 to the second quarter of 2021. e) Based on your answer from (d) is it reasonable to assume that the Velocity of Money is constant in Ghana? Why or why not? f) The Bank of Ghana currently announces its monetary policy in terms of changes in the interest rates (i.e. Monetary Policy Rate). Based on the information in parts (d-e) do you think it should continue to implement this practice? If yes, explain why. If not,…
- If a bill of exchange is discounted and on the date of maturity such bill of exchange was dishonored by the acceptor, what will the bank do to collect such amount?what's the required condition for a country's Current Acoount Balance to improve after the devaluation of its currency. explain.What is the subsequent measurement of foreign currency denominated nonmonetary items? Average rate Closing rate Opening rate Historical rate