On 1 June 20X0, Led Pty Ltd Sold a Machine $\quad$

question 8

Multiple Choice

On 1 June 20X0, Led Pty Ltd sold a machine to an overseas company for ¥3,000,000. Payment was received on 14 July 20X0. Led’s reporting date is 30 June, and its functional currency is A$. The risks and benefits relating to the machine transferred to the purchaser on delivery. The following exchange rate applied:
1 June 20X0 $\quad$$\quad$ ¥1.00 = $\quad$ A$0.20
30 June 20X0 $\quad$$\quad$ ¥1.00 = $\quad$ A$0.18
14 July 20X0 $\quad$$\quad$ ¥1.00 = $\quad$ A$0.19
-What was the foreign currency exchange difference recognised for Led Ltd on the transaction?

• A)$30,000 FC exchange difference revenue
• B)$30,000 FC exchange difference expense
• C)$60,000 FC exchange difference revenue
• D)$60,000 FC exchange difference expense

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Definitions:

Dual-Coding

Dual-coding theory proposes that both verbal and visual information are used to represent information, with the two forms of coding supporting each other in memory retention.

Working Memory

A cognitive system responsible for temporarily holding information available for processing, important for reasoning and the guidance of decision-making and behavior.

Heuristic

A problem-solving approach using practical methods or various shortcuts that may not be perfect but are sufficient for reaching an immediate goal.

Algorithm

A precise step-by-step plan for solving a problem or accomplishing a task, often used in computing to develop software or process data.