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When does an unrealized foreign exchange gain or loss become a realized gain with respect to the foreign currency bank accounts?
When the cash in the bank account is sold at a currency other than its denomination.
What is the balance of payments account that records the amount of foreign currency the government buys or sells?
official revenue accounts
What factors create a foreign exchange gain on a foreign currency transaction?
An appreciation in a foreign currency creates a foreign exchange gain when the foreign currency is to be received. A decrease in the value of foreign currency creates a foreign exchange gain when the foreign currency is to be paid. (Hoyle, Schaefer, Doupnik, 2009, pp. 328)
How do you record foreign exchange transactions?
Foreign exchange transactions are recorded by converting the foreign currency amount into the functional currency using the exchange rate at the transaction date. This involves debiting or crediting the relevant accounts based on the transaction type, such as sales or purchases. If the exchange rate fluctuates between the transaction date and the settlement date, any gains or losses are recognized in the financial statements. These adjustments ensure that the financial records accurately reflect the value of foreign currency transactions.
What is foreign currency conversion?
its very simple .. the method of converting the foreign currency in local curreny is called foreign currency conversion. for example your local currency is USD and u have a foreign currency GBP n u want to convert the GBP in USD.then u will convert the FCY in ur LCY . it took some bank charges in this conversion.. called conversion charges
What is the full form of FCNR?
FCNR stands for Foreign Currency Non-Resident account. It is a type of bank account in India that allows non-resident Indians (NRIs) to deposit foreign currency in designated currencies. The funds in FCNR accounts are fully repatriable and are usually maintained in major foreign currencies like US Dollar, Euro, British Pound, etc.
Are there any US Banks that provide foreign currency denominated deposit accounts if so which?
Yes, EverBank.com provides foreign currency deposit accounts.
What is FCNR?
FCNR stands for Foreign Currency Non Resident.
What types of banks are allowed to operate foreign currency accounts?
Foreign Banks
Does zakat deduct from current accounts?
Foreign currency and current accounts are exempted from this deduction.
Can I receive foreign remittance?
There is no restriction on the receipt of remittances from abroad either in foreign currency or by debit to non-resident Rupee accounts of banks' overseas branches or correspondents. The best remittance company is Remit Choice Limited.
What is the definition of foreign currency?
foreign currency just refers to the money used in other countries. For instance, in America, Chinese money is foreign currency.
When does an unrealized foreign exchange gain or loss become a realized gain with respect to the foreign currency bank accounts?
When the cash in the bank account is sold at a currency other than its denomination.
Why residents would substitute foreign for domestic currencies?
A resident of a country would normally do this if their home currency is worthless.
What is the definition of youth science?
An exchange rate can be quoted in two ways: Direct: The price of the foreign currency in terms and dollars And Indirect the price of dollars in terms of the foreign currency
What exactly is the definition of currency hedging?
Currency hedging is also known as foreign exchange hedging. It involves a method used by companies to eliminate risk resulting from foreign exchange transactions.
What is the balance of payments account that records the amount of foreign currency the government buys or sells?
official revenue accounts
