Which of the Following Statements Is Correct with Respect to AASB

question 29

Multiple Choice

Which of the following statements is correct with respect to AASB 121 "The effects of changes in foreign exchange rates"?

• A) Foreign currency transactions are recorded, on initial recognition in the presentation currency, by applying to the foreign currency amount the spot exchange rate between the presentation currency and the foreign currency at the date of the transaction.
• B) At each end of the reporting period, foreign currency non-monetary items shall be translated using the closing rate.
• C) At each end of the reporting period non-monetary items that are measured in terms of historical cost in a foreign currency shall be translated using the exchange rate at the date of the transaction.
• D) At each end of the reporting period, non-monetary items that are measured at fair value in a foreign currency shall be translated using closing rate.
• E) None of the given answers.

Learn about the transition from traditional computing infrastructures to enterprise computing.

Understand the significance of LANs in connecting organizational networks.

Acknowledge the impact of cloud computing on IT infrastructure availability and efficiency.

Recognize the security considerations in adopting cloud models (private, public, hybrid).