If the Exchange Rate Between the U

question 69

Multiple Choice

If the exchange rate between the U.S.dollar and the Japanese yen was 1 U.S.dollar equals 125 yen,what would be the price in dollars of Japanese automobiles selling for 2,500,000 yen?

• A)$12,500
• B)$20,000
• C)$25,000
• D)$50,000

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Definitions:

Revenue Account

An account that tracks the income earned by a company before any expenses are deducted, often classified by source.

Accounting Process

A series of procedures and steps taken for the purpose of accounting, including recording, classifying, and summarizing financial transactions.

Accounting Equation

The foundational principle of accounting, stating that assets equal liabilities plus equity.

Source Documents

Original records that contain the details of a business transaction, such as invoices, receipts, and contracts.