Assume That Aero Agrees to Purchase US$50,000 for C$52,000 on January

question 109

Multiple Choice

Assume that Aero agrees to purchase US$50,000 for C$52,000 on January 15,2018.The exchange rate at year-end is US$1 = C$0.98 and the January 15,2018 exchange rate is US$1 = C$0.97.What journal entry is required at year-end?

• A) $3,000 loss.
• B) $3,000 gain.
• C) $3,500 loss.
• D) $3,500 gain.

Understand the importance and functions of cash controls in safeguarding a company's cash.

Comprehend the role and contents of a bank statement in managing company finances.

Grasp the concept and applications of a voucher system in handling company liabilities and payments.

Understand the process and significance of bank reconciliation in ensuring the accuracy of cash records.

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Definitions:

Neurotransmitters

Chemical substances that transmit signals across a synapse from one neuron to another in the nervous system.

Neuronal Damage

Injury to neurons, the nerve cells in the brain and nervous system, which can result from trauma, toxins, or disease.

Current Theories

The most recent and widely accepted explanations or models in a particular field of study.

Synaptic Space

The small gap between neurons, across which neurotransmitters travel to transmit signals from one neuron to another.