What Amount Should Be Included as a Foreign Exchange Gain

question 95

Multiple Choice

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

• A) $ 9,000 loss.
• B) $ 9,000 gain.
• C) $11,000 loss.
• D) $13,000 gain.
• E) $ 14,000 gain.

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Definitions:

Altered Check

A check that has been tampered with after its original issuance, often changing the name of the payee or the amount, with the intent to defraud.

Depositor

A depositor is an individual or entity that places money into a bank account or investment, entrusting the bank or financial institution with their funds.

Bank Statement

A document issued by a bank detailing the transactions in an account over a specific period, showing deposits, withdrawals, and balances.

Postdated Check

A check written with a future date, delaying the ability of the recipient to cash or deposit it until that date.