The majority of foreign exchange operations involve buying soft currencies. (B Option)
- Trading between foreign banks or nonbank dealers accounts for the majority of currency exchange transactions. The multinational banks are the biggest participants in currency exchange trades.
- A foreign currency transaction is one that has a value in a currency other than the entity's functional currency. Before including a foreign currency transaction in its financial statements, an entity must convert the transaction into its functional currency.
- Foreign exchange transactions include any exchange, conversion, or trade of one currency for another as well as the drawing of negotiable checks from one nation for payment in another.
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