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For Each of the Following Situations, Select the Best Answer

question 50

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For each of the following situations, select the best answer concerning accounting for foreign currency transactions:
(G) Results in a foreign exchange gain.
(L) Results in a foreign exchange loss.
(N) No foreign exchange gain or loss.
_____1.Export sale by a U.S.company denominated in dollars, foreign currency of buyer appreciates.
_____2.Export sale by a U.S.company denominated in foreign currency, foreign currency of buyer appreciates.
_____3.Import purchase by a U.S.company denominated in foreign currency, foreign currency of buyer appreciates.
_____4.Import purchase by a U.S.company denominated in dollars, foreign currency of buyer appreciates.
_____5.Import purchase by a U.S.company denominated in foreign currency, foreign currency of buyer depreciates.
_____6.Import purchase by a U.S.company denominated in dollars, foreign currency of buyer depreciates.
_____7.Export sale by a U.S.company denominated in dollars, foreign currency of buyer depreciates.
_____8.Export sale by a U.S.company denominated in foreign currency, foreign currency of buyer depreciates.

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Definitions:

Enzyme

Protein or RNA that speeds up a reaction without being changed by it.

Reverse Transcriptase

An enzyme that synthesizes DNA from an RNA template, essential in the replication of retroviruses.

Single-stranded DNA

A structure of DNA consisting of only one strand as opposed to the normal double-stranded DNA, often used in various biotechnological processes.

Recombinant DNA

DNA molecules formed by laboratory methods of genetic recombination to bring together genetic material from multiple sources, creating sequences that would not otherwise be found in biological organisms.

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