​The Value of the Euro Was $1

question 36

Multiple Choice

​The value of the euro was $1.30 last week. During last week the euro depreciated by 5 percent. What is the value of the euro today?

• A) ​$1.365
• B) ​$1.235
• C) ​$1.330
• D) ​$1.30

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Definitions:

Reinstated

The act of restoring something to its previous condition or position, such as reinstating an employee after suspension or a policy after being temporarily revoked.

Allowance Account

An account used in accounting to record reductions in the value of receivables, such as allowances for doubtful accounts.

Direct Write-Off Method

An accounting practice where uncollectible debts are charged against income at the time they are determined to be uncollectable, rather than provisioned for in advance.

Direct Write-Off Method

An accounting practice where specific bad debts are written off against income at the time they are deemed to be uncollectable.