Examlex
The following information is available for the Victor Company for its March 31 bank reconciliation:
From the March 31 bank statement:
Fair-Value Hedge
A hedge of the exposure to changes in fair value of an asset or liability or an unrecognized firm commitment, which could affect profit or loss.
Forward Contract
a financial agreement between two parties to buy or sell an asset at a future date for a price agreed upon today, commonly used for hedging and speculation.
Gross Method
The gross method is an accounting practice whereby discounts are not considered in the recording of purchases; discounts taken are recorded as income.
Forward Contract
A specialized agreement crafted between two parties to transact an asset at a certain price on a future agreed date.
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