Under U.S. GAAP, what method is required to account for foreign currency transactions?
A. A one-transaction perspective must be used.
B. The two-transaction perspective must be used.
C. A sale is not recorded until payment is received and converted to U.S. dollars.
D. A sale is not recorded until payment is received in the foreign currency.
Answer:B
Under U.S. GAAP, what method is required to account for foreign currency transactions?
A. A one-transaction perspective must be used. B. The two-transaction perspective must be used. C. A sale is not recorded until payment is received and converted to U.S. dollars. D. A sale is not recorded until payment is received in the foreign currency.