On November 1, 20X1, A U. S. company sold merchandise to a foreign company for 375,000 kroner. The payment in krone is due on January 31, 20X2. The spot rate was as follows: $0.20 per krone on November 1, 20X1; $0.21 per krone on December 31, 20X1; and $0.19 per krone on January 31, 20X2 when the payment was received. Which of the following incorrectly describes the accounting for this foreign currency transaction? A. The receivable was recorded at $78,750 on the December 31, 20X1 balance sheet.
B. The receivable was recorded at $75,000 on November 1, 20X1.
C. The foreign currency transaction gain included on the income statement for the year ending December 31, 20X1 was $3,750.
D. The foreign currency transaction loss included on the income statement for the year ending December 31, 20X2 was $3,750.

Jennifer purchased a house in a brand new development in the outskirts of town. when her house was built, the nearest fire department was nearly 20 miles away. as her neighborhood developed, the density of the community called for a new fire department 1.5 miles away. what effect will the new fire station have on her homeowners insurance premium? a. a new fire department will be more demanding on local taxes. her annual premium will go up. b. the location of a fire department has no bearing on the value of her house. her annual premium will stay the same. c. the new fire department will reduce the risk of financial loss in her home. her annual premium should decrease. d. with a fire department so close (less than 5 miles), financial risk on jennifer’s home practically disappears. she will not need to pay insurance anymore.

Which of the following characteristics are emphasized in the accounting for state and local government entities? i. revenues should be matched with expenditures to measure success or failure of the government entity. ii. there is an emphasis on expendability of resources to accomplish objectives. a. i only b. ii only c. i and ii d. neither i nor ii

Explain how can you avoid conflict by adjusting