On August 1,Steffen Computers,Inc

question 52

Multiple Choice

On August 1,Steffen Computers,Inc.purchased thirty computer chips,on account,from a company located in Taiwan for 500,000 Taiwan dollars.On that date the Taiwan dollar is worth $0.040.On September 1,when the Taiwan dollar was worth $0.038,payment was made.The journal entry on September 1 by Steffen Computers,Inc.would include a:

• A)debit to Accounts Payable $19,000.
• B)debit to Foreign-Currency Transaction Loss $1,000.
• C)credit to Foreign-Currency Transaction Gain $1,000.
• D)credit to Cash $20,000.

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Definitions:

Confederates

Individuals who are part of a group engaged in a secret or illicit activity or who are in on the experimental conditions in psychological studies and pretend to be participants.

Conformity

The act of adjusting one's behaviors, beliefs, or attitudes to align with the norms or standards of a group or society.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms or the influence of group pressure on an individual's behavior.

Solomon Asch

A psychologist best known for his research on social pressure and conformity, including his famous experiment demonstrating how people conform to group norms.