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forward contract may be used for which of the following

A forward contract may be used for which of the following?

1) A fair value hedge of an asset.

2) A cash flow hedge of an asset.

3) A fair value hedge of a liability.

4) A cash flow hedge of a liability.

A) 1 and 3

B) 2 and 4

C) 1 and 2

D) 1, 3, and 4

E) 1, 2, 3, and 4

Answer: E

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A U.S. company sells merchandise to a foreign company denominated in U.S. dollars. Which of the following statements is true

Which of the following statements is true concerning hedge accounting