According to GAAP, Goods Shipped with a Foreign Currency-Denominated Invoice

question 11

Multiple Choice

According to GAAP, goods shipped with a foreign currency-denominated invoice use the ________ to record the value of the sale in the local currency.

• A) beginning of the year exchange rate
• B) average year-to-date exchange rate
• C) spot rate on the day of the transaction
• D) actual spot rate at time of future payment

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