Sammy Ltd Hired a US-Based Consultant to Assist with a Major

question 16

Multiple Choice

Sammy Ltd hired a US-based consultant to assist with a major client’s request to improve its internal control system. The consultant’s invoice for US$300,000 was received by Sammy Ltd on 23 June 2000, and paid on 23 July 2000.
Some spot foreign exchanges rates were:
$\begin{array} { l l l l } \text { 23 June 20X0 } & \text { US\$ } 1.00 & = & \text { A\$ } 1.6667 \\\text { 30 June 20X0 } & \text { US\$ } 1.00 & = & \text { A\$ } 1.5385 \\\text { 23 July 20X0 } & \text { US\$ } 1.00 & = & A \$ 1.6128\end{array}$
-What is the difference between the expense for consultant's fees in the profit or loss statement and the amount of A$ cash paid for this consultant?

• A)10,517
• B)22,290
• C)38,460
• D)16,170

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