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Which of the Following Statements Is Correct

question 62

Multiple Choice

Which of the following statements is correct?


Definitions:

Foreign Currency Transaction

A transaction that is denominated or requires settlement in a foreign currency.

Denominated

Indicates the unit of currency in which a financial transaction or instrument is specified.

FOB

Free On Board (FOB) is an international commerce term used to indicate whether the seller or buyer is responsible for goods damaged or destroyed during shipping, specifying the point at which the risk of loss shifts.

Ownership

The legal right or state of having control over property, assets, or an entity.

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