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NEW QUESTION: 1
Scott, the CFO at ABC Company in the USA, wants to present the annual income statement to the board of directors of the company. ABC Company engages in many exports and import activities and follows the policy to revalue all its transactions in foreign currency with the current market rates. Scott requests George, the head accountant of the company, to revalue all foreign currency transactions done during the year. Select two prerequisites that George must comply with to ensure that the revaluation is done as desired. (Choose two.)
A. Define the weights for each currency used for doing transactions.
B. Define a revaluation rate for each currency for each period or date for which the revaluation must be run.
C. Define a batch under which the revaluation journals would be stored.
D. Define accounts for unrealized gains and unrealized losses.
E. Define accounts for realized gains and realized losses.
Answer: B,D
NEW QUESTION: 2
A. Option D
B. Option A
C. Option B
D. Option C
Answer: A
NEW QUESTION: 3
Which of the following statements is (are) true about non-repetitive wires?
I. They may require additional security steps.
II. They are typically used for cash concentration.
III.
They may be used for transactions where dates, parties, and/or amounts may be variable.
A. I, II, and III
B. III
C. I and II
D. I and III
Answer: D
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