Examlex
Which of the following items would require an adjusting entry at the end of each accounting period?
Forward Contract
A bespoke contract involving two parties for the buying or selling of an asset at an agreed price on a designated future date.
Currency Option
An economic instrument granting the bearer the option to swap currencies at an established rate on a designated date, without the compulsion to proceed.
Foreign Exchange Gain
Profit realized from the conversion of foreign currency into the domestic currency at a higher exchange rate than when it was acquired.
Accounts Payable
A liability to a creditor, carried on an open account, usually for purchases of goods and services.
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