When Translating into the Presentation Currency, All Assets and Liabilities

question 7

Multiple Choice

When translating into the presentation currency, all assets and liabilities are translated using the:

• A) average exchange rate for the financial period.
• B) exchange rate applicable when the original transaction was recorded.
• C) exchange rate current at the date of the statement of financial position.
• D) exchange rate as at the start of the reporting period.

---

Definitions:

Retroactive Interference

is a phenomenon where newly acquired information interferes with and hampers the recall of previously acquired information.

Proactive Interference

A type of memory interference that occurs when previously learned information interferes with the recall of new information.

False Memory

A psychological phenomenon where a person recalls something that did not happen or recalls it differently from the way it actually happened.

Persistence

The quality of continuing steadfastly or firmly in some action, purpose, or course of action, especially in spite of opposition.