By U.S. generally accepted accounting principles (GAAP), an order received today from overseas will be recorded in foreign currency on the date of the order.

Question

Quizplus · Accepted Answer

Under U.S. GAAP, transactions should be recorded in the entity's functional currency. If the order is from overseas, it should be converted to the entity's functional currency using the exchange rate at the date of the transaction.

By US Generally Accepted Accounting Principles (GAAP), an Order Received Today