FAR6 Flashcards
1
Q
An exchange gain occurs when the exchange rate _______ between the date a receivable is recorded and the date of the cash receipt.
A
Increases
2
Q
An exchange loss occurs when the exchange rate _______ between the date a receivable is recorded and the date of the cash receipt.
A
Decreases
3
Q
Gains/Losses from foreign currency transactions are included on…
A
the income statement
