Consider the Following Transactions: I

question 65

Multiple Choice

Consider the following transactions: I. Borrowed cash on a note payable, $80,000
II. Provided services on account, $10,000
III. Received cash from a customer as payment on account, $8,000
IV. Received a utility bill, $1,200 Total assets would be:

• A)$96,800.
• B)$98,000.
• C)$90,000.
• D)$88,000.

Understand the impact of fluctuating exchange rates on financial statements.

Gain knowledge on the treatment of gains or losses on foreign currency transactions and how to account for them.

Learn about the concept and application of hedge accounting under IFRS, including the distinctions between cash-flow and fair-value hedges.

Understand the principles of accounting for foreign currency transactions under accounting standards for private enterprises (ASPE).

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Definitions:

Natural Disasters

Severe and extreme weather events such as hurricanes, earthquakes, and floods that cause significant damage and loss of life.

Computer Virus

a type of malicious software program designed to alter the way a computer operates, replicate itself, and spread from one computer to another, potentially causing harm.

Memory Card

A portable storage device used for saving, transporting, and accessing data such as photos, videos, and documents.

Hard Drive Files

Digital files stored on a hard drive, the main data storage device within computers, allowing for the storage and retrieval of digital information.