Accounting Terminology
Listed Below Are Nine Technical Accounting Terms Introduced

question 1

Essay

Accounting terminology
Listed below are nine technical accounting terms introduced in this chapter: $$\begin{array} { | c | l | l | } \hline \text { Gain on fluctuations in } & \text { Future contracts } & \text { International Accounting } \\\hline \text { foreign exchange rates } & & \text { Standards Board } \\\hline \text { Loss on fluctuations in } & \text { Hedging } & \text { Financial Accounting } \\\hline \text { foreign exchange rates } & & \text { Standards Board } \\\hline \text { Exchange rate } & \begin{array} { l } \text { Translating a } \\\text { currency }\end{array} & \text { Facilitating payment } \\\hline\end{array}$$ Each of the following statements may (or may not) describe one of these technical terms. In the space provided below each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.
(a) The strategy of creating offsetting positions so that losses from currency fluctuations will be offset by gains resulting from the same fluctuations.
(b) The price of foreign currency, stated in terms of the domestic currency.
(c) An item likely to appear in the income statements of American-based importers when foreign exchange rates are rising.
(d) The organization responsible for developing uniform worldwide accounting standards.
(e) Payments made to foreign officials to expedite paperwork.
(f ) The process of restating an amount of foreign currency in terms of the equivalent number of U.S. dollars.
(g ) An item likely to appear in the income statements of American-based exporters when foreign exchange rates are falling.

Understand the role of contingent reward and punishment behaviors in leadership.

Appreciate the concept of LMX differentiation and its impact on group dynamics and performance.

Identify and classify costs into variable and fixed categories.

Understand the concept of marginal cost and its calculation.

---

Definitions:

Positive Feedback Cycle

A process where the end products of an action cause more of that action to occur in a feedback loop, amplifying the original action.

Sodium-Potassium Exchange Pump

A membrane-bound enzyme complex that pumps sodium out of cells while pumping potassium into cells, crucial for maintaining cellular concentration and electrical gradients.

Afterpotential

The transient changes in membrane potential that follow an action potential, including hyperpolarization or depolarization phases, affecting neuron's firing rate.

Depolarization

A change in a cell's membrane potential, making it more positive, and is an essential process in the initiation of action potentials in neurons.