COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An invoice is created in a foreign currency. The invoice is not paid until several weeks later. By then, the currency conversion rate has changed. How do you get the journal line rule to calculate the gain or loss?
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Create a foreign reporting currency to track gain/loss.
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Create a secondary ledger to track gain/loss.
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Turn on the Subledger Gain or Loss Option.
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Subledger Accounting is already set up to process it.
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Explanation:
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