Under U.S. GAAP, foreign exchange losses should be recorded by:
A. debiting “Foreign Exchange Loss”.
B. crediting “Foreign Exchange Loss”.
C. debiting “Retained Earnings”.
D. debiting “Sales Revenue”.
Answer:A
Under U.S. GAAP, foreign exchange losses should be recorded by:
A. debiting “Foreign Exchange Loss”. B. crediting “Foreign Exchange Loss”. C. debiting “Retained Earnings”. D. debiting “Sales Revenue”.