Assume That Signh Agrees to Purchase US$100,000 for C$84,745 on January

question 24

Multiple Choice

Assume that Signh agrees to purchase US$100,000 for C$84,745 on January 15,2018.The exchange rate at year-end is US$1 = C$1.20 and the January 15,2018 exchange rate is US$1 = C$1.19.What journal entry is required at January 15,2013?

• A) $701 loss.
• B) $701 gain.
• C) $711 loss.
• D) $711 gain.

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Definitions:

IQ

An abbreviation for Intelligence Quotient, a score derived from standardized tests designed to measure human intelligence and cognitive abilities.

Adaptive Behavior

Behaviors or skills that enable individuals to meet their needs, comply with societal norms, and maintain a level of independence across various environments.

Intellectual Disability

A state defined by major restrictions in cognitive capabilities as well as in adaptive behavior, encompassing a wide array of social and daily life skills.

Normal Curve

A special frequency polygon, shaped like a bell, in which the scores are symmetrically distributed around the mean, and the mean, median, and mode are all located on the same point on the curve, with scores decreasing as the curve extends from the mean.