The Average Rates in Effect for 2010 and 2011 Were

question 39

Multiple Choice

The average rates in effect for 2010 and 2011 were as follows: What is the amount of foreign exchange gain or loss recognized on the 2011 Income Statement as a result of revaluing the loan payable?

• A) $2,500 loss.
• B) $800 loss.
• C) $800 gain.
• D) $2,500 gain.

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Definitions:

Psychogenic Amnesia

A memory disorder characterized by sudden temporary memory loss, that cannot be attributed to a neurological condition.

Sexual Instincts

Innate or biological urges related to sexuality and reproduction.

Jung

A reference to Carl Jung, a Swiss psychiatrist and psychoanalyst who founded analytical psychology.

Humanistic Psychologists

Focus on individual potential and stress the importance of growth and self-actualization.