Forms for filing the estate tax may be obtained from the U.S. Postal Service or the Internal Revenue Service

Lincoln Corporation, a U.S. manufacturer, both imports needed materials and exports finished products. Their receivables and payables are listed below, prior to year-end adjustments or preparation of the closing entries

Foreign Currency Units Rate at Date of Transaction Per Books in U.S. Dollars Current Rate at 12/31/14 ACCOUNTS RECEIVABLE Japanese yen 14,678,000 $0.0109007 160,000 $0.0120 Euros 50,000 1.2372 61,860 1.4235 Hungarian forint 50,000,000 0.0044 220,000 0.0053 TOTAL 441,860 ACCOUNTS PAYABLE Euros 50,000 1.2378 61,890 $1.4235 Mexican pesos 1,250,000 0.0799 99,875 0.0845 Indian rupee 4,000,000 0.0216 86,400 0.0223 TOTAL 248,165 Required: Determine the amount at which receivables and payables should be reported on December 31, 2014, and the net exchange gain or loss that would be reported as a result of year-end adjustments.

An accounting principle must receive substantial authoritative support to qualify as generally accepted

Among the organizations and agencies that have been influential in the development of generally accepted accounting principles, which of the following has provided the most influential leadership? A. Internal Revenue Service. B. Institute of Management Accountants. C. Financial Accounting Standards Board. D. New York Stock Exchange.