How Many Methods of Foreign Currency Translation Have Been Used

question 67

Multiple Choice

How many methods of foreign currency translation have been used in recent years? (U.S.GAAP.)

• A)One
• B)Two
• C)Three
• D)Four

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Definitions:

Drawee

A person on whom a draft is drawn by the drawer.

Checking Account

A bank account from which money can be withdrawn or deposited, often used for daily transactions such as paying bills or receiving payroll deposits.

Drawer

The maker of a draft.

Drawee

The party, typically a bank or financial institution, upon whom a cheque or draft is drawn and is responsible for paying the specified amount to the holder or bearer of the instrument.