1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
sattari [20]
3 years ago
13

You are reviewing your client’s Multicurrency company Balance Sheet, and the balance as of the previous fiscal year-end for thei

r Canadian bank account, which they closed last year, is a $10 debit balance in US dollars (the home currency). However, the Canadian dollar balance correctly indicates the account has been closed. Why would this be the case?
Business
1 answer:
qaws [65]3 years ago
4 0

Answer:

Foreign exchange loss

Explanation:

A foreign exchange gain/loss is normal for companies that operate in foreign countries. E.g. you prepared your financial statements by converting the foreign currency into your local currency, in this case you converted Canadian dollars to US dollars. But then the exchange rate between the currencies changes. If the value of the Canadian dollar's value increased after conversion, then you gained, and an adjustment must be made to show that gain. But if the Canadian dollar's value decreased after the conversion, then you lost (what happened here) and an adjusting entry must be made to report the loss.

In order to correct his, you must:

Dr Foreign exchange gain/loss 10

    Cr Canadian bank account 10

You might be interested in
While conducting an audit of a new nonissuer client, an auditor discovers that accounting policies applied in relation to the fi
Marat540 [252]

Answer:

A) Obtain sufficient appropriate evidence about whether changes in the accounting policies have been appropriately accounted for and adequately presented and disclosed in accordance with the applicable financial reporting framework.

Explanation:

When such things happen, the auditor must search more information regarding the accounting policies and must evaluate if the company's accountants adopted accounting policies that are legal and adjust to applicable financial reporting (e.g. GAAP in the US). The auditor must also try to determine the effects of the applied policies and if all proper disclosures have been included or not. The auditor should also try to determine why the company's accounting department did that and how do they justify it.

3 0
3 years ago
What term refers to the United States’ sale of steel to Germany?
aleksklad [387]
The answer would be : B. business

Business refer to an activity in which an entity provides goods or services to the consumers. In this case , The united states is the entity , Steel is the Goods, and Germany is the consumer 
3 0
3 years ago
Read 2 more answers
Situation 1: There is a Head of Human Resource (HR) in a recognized Multinational National Company (MNC). You are a marketing ex
Phantasy [73]

Answer:

As a marketing executive of the company looking to beg an emergency leave from a HR person who is considered to be rudy, unfamiliar with me, 45+ age and also that the company is experiencing a lot of turnovers, the best way to approach the HR would be to:

1. Write an official letter to him making the intentions clear.

2. Politely ask him to consider your request even though you two are not very familiar with each other.

3. Stress the importance of the emergency and why you have to leave.

4 0
3 years ago
Which of the following is a major difference between Internet banks and traditional banks? The government does not regulate Inte
Aloiza [94]

Answer:

Internet Banks have lower overhead costs.

Explanation:

Online Banks and traditional banks are basically the same with the main difference being that Internet Banks have lower overhead costs. These are costs on the income statement usually including accounting fees, advertising, insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and utilities. Since Internet Banks do not need many physical locations they save on many of these overhead fees.

3 0
3 years ago
he support manager at Universal Containers wants a dashboard that shows the number of cases that remain open as of 5:00 p.m. eac
erma4kov [3.2K]

Answer:

A. Report based on a reporting snapshot that runs daily at 5:00 p.m.

Explanation:

Since the support manager needs a dashboard in the given situation that reflects the number of cases that stay open at 5:00 p.m every day at Universal Containers and in this case, every day at Universal Containers, he likes to work on a reporting snapshot running daily at 5:00 p.m. because it shows the real-time status or we may say that the current status is really required.

hence, the correct option is a.

7 0
3 years ago
Other questions:
  • Four investors bought a real estate asset together and decided to divide the profits equally. Investor A invested $200,000; inve
    13·1 answer
  • On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The ra
    8·1 answer
  • When you are willing to pay $5 for a hamburger but you pay $4 for it, your consumer surplus for the hamburger is:?
    11·1 answer
  • Jimmy John's sandwiches claim to have "Freaky Fast" delivery. This ________, which refers to the place a product occupies in con
    14·1 answer
  • a company's actual results for revenues, net profits, EPS, and ROE turn out to be worse than projected, then it is usually becau
    14·1 answer
  • Moreno Company purchased equipment for $450,000 on January 1, 2010, and will usethe double-declining-balance method of depreciat
    13·1 answer
  • A customer places an order on January 1, 2019. Fifteen days later, that order is received by the manufacturing department. Twent
    8·1 answer
  • One current answer to the historical struggle within management to balance the things of production and the humanity of producti
    12·1 answer
  • In the field of organizational behavior, organizations are described as
    9·1 answer
  • Taxpayers have a choice of deducting the standard deduction or their itemized deductions. therefore, blank______ agi deductions
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!