Full fledged money changers are authorized to undertake:Select one:a.Only sale transactionsb.Only purchase transactionsc.All types of foreign exchange transactionsd.Purchase and sale of foreign currency notes, coins and travellers cheques

The transaction in which the bank receives foreign currency from the customer and pays him in local currency is a –Select one:a.Purchase transactionb.Sale transactionc.Direct transactiond.Indirect transaction

The primary methods of payment for foreign trades, ranked in the order of most secure to least secure for the exporter isGroup of answer choicesopen account, consignment, letter of credit/time draft, and cash in advance.consignment, letter of credit/time draft, cash in advance, and open account.cash in advance, letter of credit/time draft, consignment, and open account.cash in advance, letter of credit/time draft, open account, and consignment.

These controls are designed to govern the conversion, purchase and transfer of domestic currency into foreign currencies.

Before the transactions can be recorded in a single entity's financial records, they must be converted from sales or purchases made in foreign currencies into its functional currency. Which of the following foreign currency exchange rates may be used to translate the foreign currency purchases and sales in compliance with IAS 21 The Effect of Changes in Foreign Currency Exchange Rates?i) The rate that was in effect on the day the purchase or sale was madeii) The rate that was in effect at the start of the accounting periodiii) The average rate for the year, assuming there were no notable fluctuations during the year iv) The rate that was in effect at the end of the accounting period.a.(ii) and (iv)b.(i) and (iii)c.(iii) onlyd.(i) only

A non-exchange business transaction does not involve changes in quantifiable monetary values.Select one:TrueFalse