Excel Sources Inc

question 56

Multiple Choice

Excel Sources Inc. is a U.S. incorporated company. Due to change in exchange rate, it receives $150,000 as payment against a sale of $165,000. Under the two-transaction perspective:

• A) no journal entry will be prepared on the date of sale.
• B) the sale will be recorded at $150,000 on the date of sale.
• C) foreign exchange loss will be recorded for $15,000.
• D) Accounts Receivable will be debited for $15,000 on the date of payment.

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Definitions:

Oral Fixation

A concept in Freudian psychology that suggests an obsession with oral activities (e.g., eating, talking, smoking) resulting from fixation at the oral stage of psychosexual development.

Passive Personality

A personality trait characterized by a tendency to be inactive or to surrender to situations or to others, without taking active steps to initiate changes or express one's own intentions.

Jurors

Members of a jury, responsible for making a decision in a legal case based on evidence presented.

Jury Deliberations

The process by which a jury discusses in private the evidence presented in a trial and comes to a verdict.