- View Policies 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 financial statements. purchase of the currency. change in the exchange rate, O intended use of the currency. The most common threshold for account receivable groupings is O 0-5 days. On/120 days. O 30-60 days. 160-180 days. 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. The individual account details for each of a company's customers is managed in the O Control account. Allowance for Doubtful Accounts. O Bad Debts Expense. O subledger. Which of the following statements is incorrect? O Companies sell on account to increase total sales. O Companies sell on account to remain competitive. O Companies sell on account to generate additional forms of revenue. Companies sell on account to increase bad debt expense