A Sale of Goods, Denominated in a Currency Other Than

question 22

Multiple Choice

A sale of goods, denominated in a currency other than the entity's functional currency, resulted in a receivable that was fixed in terms of the amount of foreign currency that would be received. Exchange rates between the functional currency and the currency in which the transaction was denominated changed. The resulting gain should be included as a (an)

• A) Other comprehensive income
• B) Deferred credit
• C) Component of income from continuing operations
• D) Discontinued operations

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Definitions:

Moral Philosophy

The branch of philosophy dealing with values relating to human conduct, with respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and ends of such actions.

Ethical Behavior

Conducting oneself in a manner that adheres to principles of morality and fairness in all aspects of life, including business practices.

Hedonism

Hedonism is the ethical theory that pleasure (in the sense of the satisfaction of desires) is the highest good and proper aim of human life.

Existentialism

Existentialism is a philosophical theory emphasizing individual freedom, choice, and personal responsibility, positing that individuals create their own meaning in life.