In accounting for foreign currency transactions, which of the following approaches is used in the United States?
a. One-transaction perspective; accrue foreign exchange gains and losses.
b. One-transaction perspective; defer foreign exchange gains and losses.
c. Two-transaction perspective; defer foreign exchange gains and losses.
d. Two-transaction perspective; accrue foreign exchange gains and losses.
Ans: d. Two-transaction perspective; accrue foreign exchange gains and losses.
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