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Revision For Final

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Hương Giang
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© © All Rights Reserved
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10 câu MCQ: lý thuyết Chapter 6,7,8,9

Exercises 1: Translation Chapter 7


*Temporal method: giảm tải cho công bằng với Current rate method
Đề thi ko có Inventory ở balance sheet, ko có Cost of goods sold ở Income
statement
Exercise 2: Chapter 6
Dec 1, 2018, Topica, a U.K Company, makes a sale and ships goods to Eximco,
a U.S company.
Sales price is $20,000. Eximco agrees to pay in USD by bank transfer on Feb 1,
2019
Spot rate Case 1 Case 2 Case 3
Dec 1, 2018 $1,3 per £ $1,3 per £ $1,3 per £
Dec 31, 2018 $1,32 per £ $1,28 per £ $1,32 per £
Feb 1, 2019 $1,35 per £ $1,25 per £ $1,28 per £

Topica has a December 31 year end.


Required 1:
1. How does Topica record the sale (in £) on Dec 1, 2018?
2. How does Topica record the Foreign Exchange gain/loss on Dec 31, 2018
and on Feb 1, 2019?
Exercise 3: Chapter 6
Dec 1, 2018, Topica, a U.K Company, purchase goods from Eximco, a U.S
company.
Sales price is $20,000. Topica agrees to pay in USD by bank transfer on Feb 1,
2019
Spot rate Case 1 Case 2 Case 3
Dec 1, 2018 $1,3 per £ $1,3 per £ $1,3 per £
Dec 31, 2018 $1,32 per £ $1,28 per £ $1,32 per £
Feb 1, 2019 $1,35 per £ $1,25 per £ $1,28 per £

Topica has a December 31 year end.


Required 1:
1. How does Topica record the sale (in £) on Dec 1, 2018?
2. How does Topica record the foreign Exchange gain/loss on Dec 31, 2018 and
on Feb 1, 2019?

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