***** organizations had contributed significantly to the development and growth of the accounting knowledge. Select one: O a. Four. O b. Five. O c. Three. O d. Two. The process of identifying, categorizing and quantifying economic activities or transactions is: Select one: O a. Disclosure. O b. Verification. O c. Measurement, O d. Auditing Sharp Company owns a Japanese subsidiary, whose functional currency is the yen. On October 15, 2019, when the rate of exchange was 121 yen to $1, the Japanese subsidiary declared and paid a dividend to Sharp of 24,000,000 yen. The dividend represented the net income of the foreign subsidiary for the six months ended June 30, 2019, during which time the weighted average of exchange rates was 125 yen to $1. The rate of exchange in effect at December 31, 2019, was 135 yen to $1. rate of exchange used to translate the dividend for the December 31, 2019 financial statements is: Select one: O a. 128 yen to $1 O b. 135 yen to $1 O c. 121 yen to $1 O d. 125 yen to $1 On November 15, 2019, a U.S. Company sold goods to a customer in England for 30,000 pounds. Payment to be made on January 15, 2020. Exchange rates were as follows: November 15, 2019,1 pound = $0.75, December 31, 2019 1 pound = $0.80 and January 15, 2020, 1 pound = $0.78. The Journal entry in the book of the U.S. Company on 31/12/2019 is: Select one: O a. Dr. Exchange Gain $1,500 and Cr. Accounts receivable $1,500. O b. Dr. Exchange oss $1,500 and Cr. Accounts receivable $1,500. O c. Dr. Accounts receivable $1,500 and Cr. Exchange Gain $1,500. O d. Dr. Accounts receivable $1,500 and Cr. Exchange loss $1,500