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Imports and Exports

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FM Exams › Imports and Exports

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • May 23, 2021 at 2:41 am #621482
    Anonymous
    Inactive
    • Topics: 44
    • Replies: 26
    • ☆☆

    I have few questions to ask please help me!

    While Pound being Local Currency
    And Dollar being Foreign Currency

    1) When we sell goods (expprt) to foreign customer; do customers pay in their currency or they have to pay us in Pounds?

    2) When we purchase goods (import) from Foreign supplier; do we pay for goods in Local currency or we have to pay in Foreign Currency?

    May 23, 2021 at 10:52 am #621515
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51551
    • ☆☆☆☆☆

    In both cases it depends what currency the invoice is prepared in.

    If invoices are in $’s then the customer pays $’s (and if they use another currency they will have to buy $’s).

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