A Foreign-Currency Transaction Gain/loss Is

question 129

Multiple Choice

A foreign-currency transaction gain/loss is:

• A)reported on the income statement as an extraordinary item.
• B)reported on the balance sheet as an equity account.
• C)reported on the income statement as other income/expense.
• D)not reported on the income statement, but is adjusted by debiting or crediting Retained Earnings.

---

Definitions:

Internal-External Scale

A psychological measure indicating the extent to which individuals attribute their successes or failures to internal factors (their own efforts) or to external factors (such as luck).

Nowicki-Strickland

A psychological assessment tool used to measure an individual's perceived locus of control.

Locus of Control

A psychological concept that refers to how strongly people believe they have control over the situations and experiences that affect their lives.

Locus of Control

A mental principle suggesting the level of conviction individuals possess regarding their ability to influence the circumstances and events impacting their existence.