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NEW QUESTION: 1
On June 1 of the current year, XYZ Company purchased British pounds for 10,000 euros. It also acquired land for 25,000 euros. At the end year or XYZ Company's fiscal year on December 31, the spot rate for the pound was 1.20 euros. The land had a value of 27,500 euros. XYZ Company records its nonmonetary items at historical cost. Which of the following is the correct presentation of this transaction on XYZ Company's balance sheet?
A. €12,000 €27,500
B. €12,000 €25,000
C. €10,000 €27,500
D. €10,000 €25,000
Answer: B
Explanation:
At the balance sheet date, monetary items are reported at the closing rate, which is often the spot rate on the balance sheet date. Nonmonetary items measured at historical cost reported at the rate on the transaction date. Thus, the pounds are reported at €12.0001.20
€/￡ x €10,000), and the land is reported at €25,000.
NEW QUESTION: 2
A. Option D
B. Option A
C. Option C
D. Option B
Answer: A,B,D
NEW QUESTION: 3
How many LBBP boards can be configured in the BBU?
A. 0
B. 1
C. 2
D. 3
Answer: C
NEW QUESTION: 4
Select the valid fun () invocations: (select two answers)
def fun(a, b=0): return a * b
A. fun(a=0)
B. fun(b=l, 0)
C. fun(l)
D. fun(b=l)
Answer: A,C
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