What Amount Should Be Included as a Foreign Exchange Gain

question 17

Multiple Choice

What amount should be included as a foreign exchange gain or loss from the two transactions for 2018?

• A) $ 2,000 loss.
• B) $ 2,000 gain.
• C) $10,000 gain.
• D) $14,000 loss.
• E) $ 14,000 gain.

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Definitions:

Vouchers Payable

Liabilities or accounts payable that are supported by a voucher evidencing the goods or services received.

Unpaid Vouchers

Records of amounts owed for goods or services received but not yet paid for.

Voucher

A document that serves as evidence for a transaction and authorizes a payment.

Purchase Requisition

An internal document used by an organization to request permission for a purchase before initiating the actual procurement process.