FOREX

Quiz
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Other
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University
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Medium
Letlotlo Elsie
Used 2+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
30 sec • 5 pts
Forex differences are calculated on the following dates:
Shipped Free-on-Board
Translation date
Transaction date
Realisation date
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Exchange differences are calculated on foreign assets purchased in foreign currency.
TRUE
FALSE
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Mr X purchased equipment from China for FC 100 000 when the spot rate was R1: FC 0.67. The cost of the asset will be determined in terms of:
s11(a)
s12C
S25D
S24I
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which exchange rate is typically used to translate income earned in foreign currency for companies?
Average exchange rate
Spot rate
Forward rate
Fixed exchange rate
5.
MULTIPLE CHOICE QUESTION
45 sec • 10 pts
Under Paragraph 43(1A) of the Eighth Schedule, how are proceeds from a foreign capital asset disposed of by a company translated to ZAR?
Spot rate in the year of disposal
Forward rate agreed during the transaction
Average or spot rate in the year of disposal
Average or spot rate when the asset was acquired
6.
MULTIPLE CHOICE QUESTION
45 sec • 10 pts
Which of the following is true under Section 24I(7)?
Exchange differences are always recognized in the year the debt arises.
Exchange differences can only be deferred if the asset is tangible.
Exchange differences can be deferred until the asset is brought into use.
Section 24I(7) does not apply to debts incurred for intangible assets.
7.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
Foreign exchange differences are only applicable to companies.
TRUE
FALSE
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