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.

---

Definitions:

Federal Bureaucracy

The agencies and employees of the executive branch of the Federal government responsible for implementing and administering federal laws and policies.

Pendleton Act

An 1883 U.S. federal law that established that positions within the federal government should be awarded on the basis of merit instead of political affiliation.

Merit-Based System

A merit-based system is a method of employment or selection based on individuals' skills, abilities, and qualifications rather than factors such as nepotism or patronage.

Federal Employment

Jobs within the federal government, including positions in various agencies and departments.