Question

For each of the following situations, select the best answer concerning accounting for foreign currency transactions:(G) Results in a foreign exchange gain.(L) Results in a foreign exchange loss.(N) No foreign exchange gain or loss.___L__1. Export sale by a U.S. company denominated in dollars, foreign currency of buyer appreciates._____2. Export sale by a U.S. company denominated in foreign currency, foreign currency of buyer appreciates._____3. Import purchase by a U.S. company denominated in foreign currency, foreign currency of buyer appreciates._____4. Import purchase by a U.S. company denominated in dollars, foreign currency of buyer appreciates._____5. Import purchase by a U.S. company denominated in foreign currency, foreign currency of buyer depreciates._____6. Import purchase by a U.S. company denominated in dollars, foreign currency of buyer depreciates._____7. Export sale by a U.S. company denominated in dollars, foreign currency of buyer depreciates._____8. Export sale by a U.S. company denominated in foreign currency, foreign currency of buyer depreciates.

Answer 1

Check the following analysis.

Step-by-step explanation:

1.No foreign exchange gain or loss.

2.Results in a foreign exchange gain

3.Results in a foreign exchange loss.

4.No foreign exchange gain or loss.

5.No foreign exchange gain or loss.

6.No foreign exchange gain or loss

7.No foreign exchange gain or loss

8. Results in a foreign exchange gain.