Current Attempt in Progress Foreign currency held by a Canadian corporation is disclosed on the financial statements using the exchange rate that existed on the date of the O financial statements, o purchase of the currency O change in the exchange rate. O intended use of the currency eTextbook and Media Current Attempt in Progress When selling on account, companies incur costs such as O wages for credit-granting function O rent expense. O bad debt revenue. O sales discounts. e Textbook and Media > View Policies Current Attempt in Progress Opportunities for employee fraud arise when O an employee is in charge of purchasing, inspecting, and recording assets. O employees verify each other's work. O an employee has clear documentation procedures. O an employee is responsible for making the daily cash bank deposit. e Textbook and Media Save for Later Current Attempt in Progress Quick assets are O inventory plus cash and prepaid expenses. O current assets plus current liabilities. O current assets less prepaid expenses. O current assets less inventory and prepaid expenses. e Textbook and Media Save for Later View Policies Current Attempt in Progress As part of the bank reconciliation process, the following must occur: O bank adjusting entries. O company adjusting entries. O verification of bank charges. O inventory of company cheques. e Textbook and Media Save for Later