Cacao Trees Were the Source of Chocolate and Drunk as a Beverage

question 18

Multiple Choice

Cacao trees were the source of chocolate and drunk as a beverage by

• A) the upper class
• B) the middle class
• C) the lower class
• D) all of the classes

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Definitions:

Average Rate

The average rate is a mean exchange rate over a specified period, used for accounting purposes to convert foreign currencies into the functional currency.

Foreign Exchange Gain

A profit resulting from changes in the exchange rate between the base currency and the foreign currency in which a transaction is denominated.

Exchange Loss

A financial loss that occurs when the value of a currency decreases relative to another currency in transactions involving foreign exchange.

Year End

The end of the financial year for a company, marking the close of the reporting period.