A Company Has a Foreign-Currency Transaction Loss of $1,000 and a Foreign-Currency

question 110

Multiple Choice

A company has a Foreign-Currency Transaction Loss of $1,000 and a Foreign-Currency Transaction Gain of $10,000.How is this information reported on the income statement?

• A)Other Losses: Foreign-Currency Transaction Loss $1,000 and Other Gains: Foreign-Currency Transaction Gain $10,000
• B)Other Gains: Foreign-Currency Transaction Gain,net $9,000
• C)Other Comprehensive Income: Foreign-Currency Transaction Gain $10,000 and Other Comprehensive Loss: Foreign-Currency Transaction Loss $1,000
• D)Other Comprehensive Income: Foreign-Currency Transaction Gain,net $9,000

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Definitions:

Forced Disclosure

The act of making someone reveal information involuntarily or under pressure, often in a therapeutic or legal context.

Legal Proceedings

The process of taking legal action in a court of law.

Personal Information

Details or data about an individual that can include biographical, financial, or other personal facts, often protected for privacy.

Privilege

denotes a set of unearned advantages, rights, or immunities that a person or group is granted based on certain societal norms, often at the expense of others.