Accounting Terminology
Listed Below Are Nine Technical Accounting Terms Introduced

Accounting terminology
Listed below are nine technical accounting terms introduced in this chapter: $$\begin{array} { | c | l | l | } \hline \text { Gain on fluctuations in } & \text { Future contracts } & \text { International Accounting } \\\hline \text { foreign exchange rates } & & \text { Standards Board } \\\hline \text { Loss on fluctuations in } & \text { Hedging } & \text { Financial Accounting } \\\hline \text { foreign exchange rates } & & \text { Standards Board } \\\hline \text { Exchange rate } & \begin{array} { l } \text { Translating a } \\\text { currency }\end{array} & \text { Facilitating payment } \\\hline\end{array}$$ Each of the following statements may (or may not) describe one of these technical terms. In the space provided below each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.
(a) The strategy of creating offsetting positions so that losses from currency fluctuations will be offset by gains resulting from the same fluctuations.
(b) The price of foreign currency, stated in terms of the domestic currency.
(c) An item likely to appear in the income statements of American-based importers when foreign exchange rates are rising.
(d) The organization responsible for developing uniform worldwide accounting standards.
(e) Payments made to foreign officials to expedite paperwork.
(f ) The process of restating an amount of foreign currency in terms of the equivalent number of U.S. dollars.
(g ) An item likely to appear in the income statements of American-based exporters when foreign exchange rates are falling.