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Steeplechase Co sold a machine to a Greek company which it agreed to invoice in €. The sale was made on 1 October 20X6 for €250,000. €125,000 was received on 1 November 20X6 and the balance is due on 1 January 20X7. The exchange rate moved as follows: 1 October 20X6 - €0.91 to $1 1 November 20X6-€0.95 to $1 31 December 20X6 - €0.85 to $1 At what amount will the receivable be shown in the financial statements at 31 December 20X6?

A. $147,059
B. $137,363
C. $131,579
D. $130,586

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IAS 21 sets out how entities that carry out transactions in a foreign currency should measure the results of these transactions at the year end.Which exchange rate should non-monetary items carried at historical cost be measured?

A. Closing rate
B. Average rate
C. Rate at date of transaction
D. Rate at beginning of the year

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Miston Co buys goods priced at €50,000 from a Dutch company on 1 November 20X8. The invoice is due for settlement in two equal instalments on 1 December 20X8 and 1 January 20X9. The exchange rate moved as follows: 1 November 20X8 -1.63 to $1 1 December 20X8 -1.61 to $1 31 December 20X8 -1.64 to $1 What will be the net exchange gain or loss to be reported in the financial statements of Miston Co at 31 December 20X8?

A. $98 loss
B. $98 gain
C. $100 loss
D. $100 gain

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Which of the following would be treated under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors as a change of accounting policy?

A change in valuation of inventory from a weighted average to a FIFO basis
B. A change of depreciation method from straight line to reducing balance
C. Adoption of the revaluation model for non-current assets previously held at cost
D. Capitalisation of borrowing costs which have arisen for the first time

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Which of the following would be a change in accounting policy in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors?

Adjusting the financial statements of a subsidiary prior to consolidation as its accounting policies differ from those of its parent
B. A change in reporting depreciation charges as cost of sales rather than as administrative expenses
C. Depreciation charged on reducing balance method rather than straight line
D. Reducing the value of inventory from cost to net realisable value due to a valid adjusting event after the reporting period

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A. $147,059 B. $137,363 C. $131,579 D. $130,586

IAS 21 sets out how entities that carry out transactions in a foreign currency should measure the results of these transactions at the year end.Which exchange rate should non-monetary items carried at historical cost be measured?

Which of the following would be treated under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors as a change of accounting policy?

Which of the following would be a change in accounting policy in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors?

A. $147,059
B. $137,363
C. $131,579
D. $130,586